Bulgarian TBI Bank reports a quarterly net profit 40% higher than Q1 2021

TBI Bank’s unaudited financial results for Q1 2022 show all-time quarterly record net profit of EUR 10.2 million, 40% higher compared to the same period of the previous year.

In the first three months of 2022 TBI continued to onboard new BNPL (Buy Now, Pay Later) partners and is now present in almost 15.000 merchant locations.

In Q1 2022 TBI Bank serviced more than quarter a million loan applications in Bulgaria and Romania and disbursed nearly 120 thousand loans.

Overall, EUR 154 million were disbursed in the first three months of 2022 – 40% more than in the same period of the previous year.

Growth can be seen in both retail and SME sectors in Bulgaria and Romania аs the Bank’s total assets reached EUR 745 million (5% growth compared to the end of 2021).

Meanwhile, the loan portfolio increased to EUR 585 million at the end of March 2022 (7% growth compared to the end of 2021).

TBI Bank revenues grew by 33% to EUR 36 million, mainly driven by increase in net interest income and growth of fees and commissions. This allowed operating profit for Q1 2022 to reach EUR 29.3 million with nearly 34% year-on-year growth.

Also, the bank’s deposit portfolio reached EUR 514 million at the end of Q1 2022, demonstrating a healthy growth, well outperforming the market.

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