tbi bank reports record net profit of €23.2 million in H1 2024

Business Forum

2 September, 2024 at 3:23 PM

Throughout the first half of the year tbi onboarded new merchant partners, including new verticals, and is now present in nearly 30,000 merchant partner check-out points on its main markets of operation – Bulgaria, Romania, and Greece. This impressive reach helped the bank 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 2024 tbi bank serviced 1 million loan applications in Bulgaria, Romania and Greece, nearly 40% more compared to the same period of 2023. By June, the bank disbursed nearly 420,000 payment plans at the amount of EUR 532 million – 22% more compared to the same period of 2023.

tbi reports an impressive 33% growth in total assets as to the end of H1 2024, reaching €1.6 billion (from €1.2 billion at the end of H1 2023). The gross loan portfolio increased to €1.15 billion at the end of June 2024 (26% growth compared to H1 2023), positioning tbi among top 10 largest banks on the Bulgarian market.

Based on such positive business performance, tbi bank's revenue grew by 25% to €120 million, mainly driven by 28% increase in net interest income. This allowed operating profit for H1 2024 to reach €85 million.

In addition, tbi bank's deposit portfolio reached €1.23 billion at the end of June 2024 – well outperforming the market and demonstrating a solid growth of 35% compared to June 2023. The main driver was the retail term deposits portfolio, where the increase was even higher with 40% compared to June 2023.

The increase in the bank's general expenses by 27% to €58 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 the period the bank had a strong and well-secured position from both liquidity and capital sides – on consolidated basis the liquidity coverage ratio (LCR) being at 929% (much above regulatory minimum and one of the highest in the banking sector) and the capital adequacy ratio (CAR) – 22.8%. tbi bank's operations are showing improving discipline in terms of cost management (46.9% cost to income ratio) and are combined with return on loan portfolio at 21.3%, allowing the return on assets (ROA) and the return on equity to reach 3% and 20%, respectively.

“In the past 6 months, we've once again proven that you can be both valuable for your customers by constantly providing new services – and yet very profitable. The backbone for our success remains our team, and it is not a coincidence that recently Newsweek magazine named us among the Top 100 Most Loved Workplaces in the world! The team's dedication directly affects our beloved customers in SEE, since they keep receiving great products and great customer experience. Looking towards the second half of 2024 we remain poised for growth, continuing to redefine the banking experience in the region,” says Petr Baron, CEO, tbi fs.