tbi bank reports highest profit in 2023 and „an impressive nearly 40% growth in total assets”

During 2023 tbi bank serviced 2.5 million loan applications in Bulgaria, Romania and Greece, twice as much as for 2022. 71% of applications for loans were made through self-service digital channels. In 2023 the bank disbursed nearly 750.000 loans at the amount of nearly EUR 1 billion – 33% more compared to 2022. „The growth is due to the contribution of both segments – retail in all three markets of operation and small and medium enterprises in Romania.” the bank explains.

tbi bank’s consolidated unaudited financial results for 2023 show net profit of EUR 42.4 million – 16% higher than the EUR 35.5 million profit achieved in 2022. Throughout that period tbi onboarded new merchant partners, including new verticals, and is now present in more than 20.000 merchant partner check-out points on its markets of operation. This impressive reach helped the bank become one of the leaders in terms of provided Payment Plans in all three countries. Additionally, the bank continued adapting to both the market environment and consumer preferences, which helped both retail and SME business lines grow above the market trends and contributed positively to the overall result.

tbi reports an impressive nearly 40% growth in total assets as to the end of December 2023, reaching EUR 1.48 billion (from EUR 1.07 billion at the end of December 2022).

The loan portfolio reached an important milestone of EUR 1.04 billion at the end of December 2023 (with 34% growth compared to end of 2022). 71% of applications for loans were made through self-service digital channels (compared to 51% for 2022) and thus digitalization contributes strongly tothe recordbusiness results.

Based on such positive business performance, tbi bank’s operating income grew by 32% to EUR 203 million, mainly driven by 27% increase in net interest and supported by 25% growth of net fees and commissions income. This allowed operating profit for 2023 to reach EUR 146 million.

Also, tbi bank’s deposit portfolio reached EUR 1.12 billion at the end of December 2023 – well outperforming the market and demonstrating a solid growth of 38% yoy. The main driver was retail term deposits portfolio, where the increase was even higher with 47% compared to December 2022.

The increase in the bank’s general expenses by 20% to EUR 96 million was mainly driven by accelerated business growth and investments into new business lines (neon scale-up) and markets (Greece scale-up).

At the end of 2023 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 672% (much above banking sector average of 242%) and the capital adequacy ratio (CAR) – 22.5%. tbi bank’s operations are showing constant improving discipline in terms of cost management (47.2% cost to income ratio in 2023 compared to 51.7% in 2022) and are combined with return on loan portfolio at 21.3%, allowing the return on equity to reach 20.9%.