TBI Bank has reported a significant 40% increase in net profit for the first quarter of 2024, achieving a net profit of €113 million compared to €82 million in the same period last year. The unaudited consolidated financial results highlight the bank’s strong performance and strategic market expansions.

During the first three months of 2024, TBI Bank continued to establish partnerships with merchants, including those in new market segments such as solar panels. The bank’s payment solutions are now available at over 26,000 partner locations across its main operating markets: Romania, Bulgaria, and Greece. This expansion has cemented TBI Bank’s position as a leader in payment plans within these countries.

TBI Bank managed nearly 500,000 financing requests in Bulgaria, Romania, and Greece in Q1 2024, marking a 33% increase from the same period in 2023. The bank issued 200,000 loans worth a quarter of a billion euros, reflecting a 21% increase year-over-year. This growth is largely attributed to the retail segments in all three operating markets.

Total assets of TBI Bank surged by nearly 35% to €157 billion by the end of Q1 2024, up from €116 billion at the end of March 2023. The loan portfolio grew by 28%, reaching €11 billion compared to the first three months of 2023.

TBI Bank’s operating income rose by nearly 30% to €58 million, driven mainly by a 36% increase in net interest income. This led to an operational profit of €40 million in Q1 2024. Additionally, the bank’s deposit portfolio reached €12 billion by the end of March 2024, demonstrating a robust growth of 37% compared to the end of Q1 2023, with the retail term deposit portfolio showing an even higher growth rate of 45%.

General expenses increased by 21% to €27 million, primarily due to ongoing investments in technology and artificial intelligence solutions aimed at supporting new product development across all markets. By the end of March 2024, TBI Bank maintained a strong liquidity and capital position, with a consolidated Liquidity Coverage Ratio (LCR) of 722% and a Capital Adequacy Ratio (CAR) of 21.5%. Cost management showed improvement, with the cost-to-income ratio at 46.7% in Q1 2024 compared to 50.1% in Q1 2023. The return on the loan portfolio was 21.7%, contributing to a return on equity of 19.4%.

“In the first quarter of 2024, TBI has once again demonstrated remarkable results thanks to the excellent performance of our team and our focus on customer needs. We continue to invest in our products and services, as well as in the innovative mindset of our employees. We remain committed to providing free access to banking services and financing to our retail customers and commercial partners in Bulgaria, Romania, and Greece. As one of the pioneers of digital banking services in the region, our model is designed to support greater business growth in the years to come,” said Petr Baron, CEO of TBI Bank.

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