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We report 40% growth and highest Q1 profit

Our consolidated unaudited financial results for the first quarter of 2024 show a net profit of EUR 11.3 million – almost 40% higher than the EUR 8.2 million profit achieved for the same period of last year.  

Throughout Q1 2024 we onboarded new merchant partners, including new verticals (like solar panels), and we are now present in over 26.000 merchant partner check-out points on our markets of operation. This impressive reach helped us maintain the leadership in terms of provided Payment Plans in all three countries. Additionally, we continued adapting to both the market environment and consumer preferences. 

In Q1 of 2024, we serviced nearly 500.000 loan applications in Bulgaria, Romania, and Greece, marking 33% growth compared to Q1 of 2023. In the first quarter of 2024 we disbursed 200.000 loans amounting to a quarter of a billion euros – 21% more compared to the same period of 2023. The growth is due to the contribution of the retail segments in all three markets of operation.  

We report an impressive nearly 35% growth in total assets by the end of Q1 2024, reaching EUR 1.57 billion (from EUR 1.16 billion at the end of March 2023). The loan portfolio stands at EUR 1.1 billion (28% growth compared to the end of Q1 2023).  

Based on such positive business performance, our operating income grew by nearly 30% to EUR 58 million, mainly driven by a 36% increase in net interest income. This allowed operating profit for Q1 2024 to reach EUR 40 million.  

Also, our deposit portfolio reached EUR 1.2 billion at the end of March 2024 – well outperforming the market and demonstrating a solid growth of 37% compared to the end of Q1 2023. The main driver was the retail term deposits portfolio, where the increase was even higher at 45% compared to March 2023. 

The increase in the general expenses by 21% to EUR 27 million was mainly driven by continuous investments in technology and AI solutions to support the development of new products in all markets. 

At the end of March 2024, we had a strong and well-secured position from both liquidity and capital sides – on a consolidated basis the liquidity coverage ratio (LCR) stands at 722% (much above the banking sector average), and the capital adequacy ratio (CAR) – 21.5%. Our operations are showing constant improving discipline in terms of cost management (46.7% cost-to-income ratio in Q1 2024 compared to 50.1% in Q1 2023) and are combined with return on loan portfolio at 21.7%, allowing the return on equity to reach 19.4%. 

In the first quarter of 2024 tbi once more demonstrated outstanding results thanks to an excellent team performance and strong customer focus. We continue investing in our products and services as well as in our talent’s innovative mindset. We remain committed to providing access to free daily banking and financing to our retail customers and merchant partners in Bulgaria, Romania, and Greece. As one of the digital banking pioneers in the region our model is aimed to show more business growth in the years to come.
Petr Baron
CEO, tbi fs, Founder-in-Residence

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We report 40% growth and highest Q1 profit