tbi bank’s nine months net profit already surpasses the full year profit of 2021

The external environment in the past years has been challenging for many businesses around the world. Success has never been harder to achieve, requiring agile management, team commitment, and customer focus. Combining these elements tbi bank continues its record-breaking path.

tbi bank’s consolidated unaudited financial results for the first nine months of 2022 show all-time record net profit of EUR 30.2 million – 33% higher than the same period of 2021 and already higher compared to the EUR 27.5 million achieved during the full previous year.

Being one of the leaders in alternative payment solutions in South-Eastern Europe, tbi continued to onboard new partners and is now present in almost 20.000 merchant locations on its core markets of operation – Bulgaria, Romania, and Greece. As a result, in the first nine months of 2022 tbi bank serviced almost 850 thousand loan applications in Bulgaria, Romania and Greece and disbursed nearly 400 thousand loans at the amount of EUR 520 million – 36% YoY growth.

Subsequently, the Bank’s total assets reached EUR 909 million – marking EUR 200 million growth during the year so far (28% growth compared to the end of 2021), while the loan portfolio increased to EUR 718 million at the end of September 2022 (32% growth compared to the end of 2021). Since the beginning of 2022, growth can be seen in every business line in Romania. General Purpose loans (up 26% year to date), Point-of-Purchase loans (up 31% year to date) and Business banking (up 30% year to date) all contributed strongly to tbi bank’s results.

Based on such positive business performance, the Bank’s revenue grew by 29% to EUR 115 million. This allowed operating profit for nine months of 2022 to reach EUR 91.6 million with 30% YoY growth. Also, tbi bank’s deposit portfolio reached EUR 652 million at the end of September 2022 – well outperforming the market and demonstrating a healthy growth of 33% - in line with loan portfolio growth.

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 521% and the capital adequacy ratio (CAR) - 17.1%. tbi bank’s operations were combined with discipline in terms of improving efficiency (48.6% cost to income ratio) and return on working portfolio (ROWP) of 23.7%, which allowed the return on assets (ROA) to reach 5% and the return on equity to stand at 23%.

“Our all-time record high nine months numbers come as a reflection of the strong performance of our products and services as well as the dedication of the team. During this period, we expanded furthermore our partner network as we rolled out our alternative payments solutions in Greece, now partnering with 1.500 merchants, and joined forces with new industry verticals in Bulgaria and Romania. Our main focus until the end of the year will be on providing more digital solutions, which will provide improved convenience and customer experience for our clients’ needs”, said