We report EUR 18.4 million net profit in H1 2023

Our consolidated unaudited financial results for H1 2023 show net profit of EUR 18.4 million. Throughout the first half of the year we onboarded new merchant partners, including new verticals, and we are now present in more than 21.000 merchant partner check-out points on our main markets of operation – Bulgaria, Romania, and Greece. This impressive reach helped us to become one of the leaders in terms of provided Payment Plans in all three countries. Additionally, strong new performance can be seen in all business lines.  

In H1 2023 we serviced 1.1 million loan applications in Bulgaria, Romania and Greece, twice as much as for the same period of 2022. Moreover, 70% of applications for retail loans were made through self-service digital channels (compared to 48% in H1 2022) and contribute strongly to our business results. By June we disbursed nearly 320.000 payment plans at the amount of EUR 443 million – 35% more compared to the same period of 2022. 

We report an impressive 46% growth in total assets as to the end of H1 2023, reaching EUR 1.2 billion (from EUR 830 million at the end of H1 2022). The loan portfolio increased to EUR 915 million at the end of June 2023 (42% growth compared to H1 2022), positioning us among top 10 banks on the Bulgarian market (based on BNB data). 

Based on such positive business performance, our revenue grew by 28% to EUR 95 million, mainly driven by 27% increase in net interest and supported by 35% growth of net fees and commissions income. This allowed operating profit for H1 2023 to reach EUR 68 million. 

Also, our deposit portfolio reached EUR 911 million at the end of June 2023 – well outperforming the market and demonstrating a solid growth of 55% compared to June 2022. The main driver was retail term deposits portfolio, where the increase was even higher with 61% compared to June 2022.  

Our increase in general expenses by 25% to EUR 46 million was mainly driven by accelerated growth of loan portfolio and investments into new business lines (neon solution) and markets (Greece scale-up). 

At the end of the period we had a strong and well secured position from both liquidity and capital sides – on consolidated basis the liquidity coverage ratio (LCR) being at 389% (much above regulatory minimum) and the capital adequacy ratio (CAR) – 21.5%. Our operations are showing improving discipline in terms of cost management (47.6% cost to income ratio) and are combined with return on loan portfolio at 21.4%, allowing the return on assets (ROA) and the return on equity to reach 3.2% and 19.2%, respectively. 

[quoteblock content=”In times when many challenger banks struggle to find a working business model, we at tbi continue to prove that you can innovate and be profitable. Our dedicated team doesn’t stop delivering best-in-class solutions for our customers. The neon card launched in Bulgaria and the constant development of the self-service channels on all our main markets are best examples for ultimate mobile-first daily banking experience. Looking towards the end of 2023 we will continue to improve our products proposition and expand our merchant network in Bulgaria, Romania, and Greece.” author=”Petr Baron” author_position=”CEO of tbi fs, Founder-In-Residence” author_avatar=”https://tbibank.com/wp-content/uploads/2023/09/PETR-1.png” section_id=””][/quoteblock]


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