TBI Bank continues on the efficiency and profitability track in the first half of 2020, with net profit of EUR 8.2 million

Business, Finances

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.

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.

“Our sharp focus on execution, responsible approach towards customers and our team, together with properly adjusted channels and products have helped drive better and more sustainable performance during the turbulence. TBI Bank has managed to achieve solid results in H1 and moreover to be in good shape to benefit from the recovery (hopefully not short-term) that we are observing in our core markets. Actual financial performance in H1 exceeded our reforecast prepared in April, while July and August are on the same ‘overperformance’ track. We all are working extremely hard in order to secure the same trajectory till the year end and going into 2021 ,” says Denis Gorbunov, CFO of TBI Bank.

H1 financial results are proof that our anti-Covid action plan based on cost optimization, liquidity management, and even more crucially on ensuring our customers’ and teams’ safety, gave good results. We worked every day during the lockdown to support thousands of customers, partners, friends.  Looking back at these challenging times, we are now more sure than ever that our unique “’phygital’ model provides our customers with the financial support needed and our merchant partners – with the opportunities to grow even in such unprecedented times”, says Petr Baron, CEO of TBIF (TBI Bank).

TBI Bank is a consumer, SME and merchants focused phygital lender operating in Bulgaria, Romania, Germany, Sweden, and Poland. We are part of 4finance, one of Europe’s largest digital consumer lending groups. Through an own network of 300 locations, a variety of digital channels, and a trusted network of over 10 000 merchant locations, TBI Bank has been serving more than 1 million customers. In 2019 alone we have granted 500 000 loans. Our successful business model and customer-focus approach allowed us to be one of Bulgaria’s most profitable and efficient banks in the last 7 years, including number 1 for 2020 (Capital K10). TBI Bank’s team of dedicated professionals works hard for a future powered by technology in order to become the next gen digital lender.