We report another record growth in 2024
Focusing on what our customers really want, and solving actual financial problems we have marked another record year.
Here are our highlights for 2024:
- Net profit reached EUR 50 million, 18% YoY growth
- Over1 million issued loans, 32% YoY growth
- Total assets reached EUR 1.77 billion, 20% YoY growth
- Gross loan portfolio reached EUR 1.3 billion, 25% YoY growth
- Deposit portfolio reached EUR 1.34 billion, 20% YoY growth
In 2024 we continued to show strong financial results with a recordnet profit of EUR 50 million – 18% higher year-on-year (YOY) based on unaudited consolidated financial results. Furthermore, we maintained our strong liquidity and capital positions. Strong performance can also be seen in all business lines and markets.
Throughout 2024 we onboarded new merchant partners, including new verticals, and we’re now present in 31.000 merchant partner check-out points on our main markets of operation – Bulgaria, Romania, and Greece. With this impressive reach, we helped more customers finance their desired purchases and kept us among the market leaders in all three countries.
In 2024 we serviced 2.2 million loan applications in Bulgaria, Romania and Greece, 32% more YoY. In this period we issued over 1.000.000 loans (32% higher YoY) in the amount of EUR 1.17 billion – 26% more YoY. Moreover, the self-service channelscontribute strongly tothebusiness results, as 70% of the loan applications were made digitally.
We report 20% YoY growth in total assets as of the end of December 2024, reaching EUR 1.77 billion. The gross loan portfolio increased to EUR 1.3 billion at the end of December 2024 (25% YoY growth), positioning us among the top 10 banks in the Bulgarian market.
Based on such positive business performance, our operating income grew by 27% YoY reaching EUR 258 million, mainly driven by 29% increase in interestincome. This allowed the operating profit for 2024 to reach EUR 179 million.
The increase in the general expenses by 24% YoY to EUR 119 million was mainly driven by our continuous investments in technology and AI solutions to support the development of new products in all three markets of operations and the investments in new business lines.
In addition, our deposit portfolio reached EUR 1.34 billion at the end of December 2024 – well outperforming the market and demonstrating a growth of 20% YoY. The main driver was retail term deposits portfolio.
At the end of 2024 we had a strong and well secured position from both liquidity and capital sides – the liquidity coverage ratio (LCR) being at 541% (much above regulatory minimum of 100% and banking sector’s average). The capital adequacy ratio (CAR) reached 22.3%. Our operations are showing improving discipline in terms of cost management and efficiency (46% cost to income ratio vs. 47% in the year before) and are combined with return on loan portfolio at 22.2%, allowing the return on equity to reach 20%.
