TBI Bank announced the performance in the first half of 2020 exceeded what the finance team calls “reforecast”, according to TheDiplomat.ro.
TBI Bank’s net profit amounts to EUR 8.2 million, the Bank’s unaudited consolidated results for the first half of 2020 show. That is only 16% lower than in the same period of pre-crisis and record profitability fоr us in 2019. Despite the challenging times the Bank also demonstrated above market average growth in most business areas. Assets increased by 8% and reached EUR 504 million at the end of June. In first half of 2020 TBI Bank issued new loans for EUR 150 million, and the Bank’s gross loan portfolio reached EUR 359 million at the end of the period. Our retail deposits grew by 10% and reached EUR 312 million.
“Such results might indeed look quite positive in the light of the unprecedented events that hit the world in the first six months of 2020. However, our resilient business model, financial stability, and fantastic team gave us the strength to continue our highly efficient operations,” a company statement says.
More than 500,000 online and offline applications in Bulgaria and Romania and 160,000 loans issued in first half of 2020 rank TBI Bank again among the lending champions in South Eastern Europe! Furthermore, our innovative Merchant Solutions platform, which offers convenient point-of-purchase financing, has created huge value for our partners and common customers. In H1 we disbursed nearly 110.000 credits for EUR 62 million in total from this sales channel.
“At the beginning of the year we were the first bank in the region to launch of SEPA Instant, we were once again ranked most profitable Bulgarian bank and we’ve added some great new members to our already great diverse team.”
At the end of June 2020, the Bank had a strong and well secured position from both capital (CAR – capital adequacy ratio) and liquidity (LCR – liquidity coverage ratio) sides – 21.6% and 381% respectively.