TBI Bank’s net profit increased by 58 percent to a company record high of EUR 22.9 million, the Bank’s audited consolidated results for 2019 show. The Bank demonstrated above the market average growth in the most business areas, assets increased by 17 percent and reached EUR 465 million at year’s end. In 2019 TBI Bank issued new loans for EUR 336 million, contributing to 19 percent growth in the Bank’s gross portfolio, which reached EUR 368 million at the end of 2019. Its retail deposits grew by 25 percent and reached EUR 281 million.
The results follow the long-term strategy since TBI Bank’s acquisition by 4finance in 2016. It is based on delivering profits through efficiency and clear focus on its core business. The Bank’s distinctive ‘phygital’ model, which combines services delivered in physical branches and a through a host of digital channels, allows it to serve more and more satisfied customers throughout our main markets.
More than 1 million online and offline applications in Bulgaria and Romania and almost 500.000 loans issued in 2019 are telling a story – they rank TBI Bank among the lending champions of South East Europe. Furthermore, our innovative Merchant Solutions platform has created huge value for partners and customers – in 2019 its business grew by 26 percent as it have disbursed more than 130.000 credits for EUR 85 million in total. Also in 2019 the Bank entered a new market, Poland, and added some great new members to our already great diverse team.
At the end of 2019 the Bank had a strong and well secured position from both capital and liquidity sides – capital adequacy ratio (CAR) being at 18.9 percent and liquidity coverage ratio (LCR) – 258 percent.
“We are extremely proud to report our financial results and business performance in 2019. It has become another successful year, where the efforts of the entire team turned into outstanding financial results. Thus, TBI Bank has demonstrated record high net profit, being driven by sustainable and healthy growth of loan portfolio, with Cost of Risk continuous improvements and operational costs discipline and excellence, which again have allowed us to become number 1 Bulgarian bank in the ‘Efficiency and Profitability’ ranking,” says Denis Gorbunov, CFO of TBI Bank.
In the last seven years TBI Bank has been among the most profitable banks in Bulgaria and South East Europe, and 2019 was not an exception. For the whole year the return on assets stood at 5.3 percent, the return on equity – at 20.9 percent, while the return on the working portfolio was 30.1 percent.
“Over the past years TBI Bank’s team has worked hard to establish what is a great business organization. Our internal culture nurtures continuous learning. Because of that we can respond to the ever-changing needs of our customers and our record year in terms of net profit comes as the result. All business organizations globally are now going through challenging times, but our resilient business model and financial stability gives us the strength to continue with our transformation processes and investments in technology for the benefit of our customers,” says Petr Baron, CEO of TBIF (TBI Bank).