Bulgarian TBI Bank posts a record net profit for 2021

The all-time record net profit was of EUR 27.5 million in 2021, 39% higher than the results in 2020

TBI Bank’s consolidated unaudited financial results show all-time record net profit of EUR 27.5 million in 2021, 39% higher than the results in 2020.

Growth can be seen in both retail and SME sectors in Bulgaria and Romania аs the bank’s total assets increased by nearly 30% reaching EUR 710 million, while the loan portfolio reached EUR 544 million at the end of the year.

Romania, TBI Bank’s largest business market, was the leader in terms of growth (38% for Romania; 32% all markets) and contribution to the overall business performance.

Bank’s revenue grew by 24% to EUR 124 million, mainly driven by 14% increase in net interest income. This allowed operating profit for 2021 to reach EUR 96 million with nearly 30% growth.

The increase in the bank’s general expenses by 19% to EUR 61 million was mainly driven by accelerated growth of loan portfolio and investments into new business lines and markets.

Also, TBI Bank’s deposit portfolio reached EUR 411 million at year’s end. Particularly impressive growth was registered in Romania, where the bank increased its retail deposit portfolio by 53%.

Currently the bank operates in Bulgaria, Romania, Greece, Germany, Lithuania and has an own network of 300 physical locations.

MUST READ: TBI Bank, record high net profit of nearly EUR 23 million in 2019

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