Fibank For 2016, the bank realized BGN 255 million profit before tax and impairments
On 24 March 2017, a meeting was held of the management of Fibank (First Investment Bank) with the minority shareholders of the bank.
Such regular meetings are part of the policy of Fibank to strictly apply in its activity the best international corporate governance standards, endorsed by the International Finance Corporation (IFC).
The meeting was attended by Mr. Vassil Christov, Chief Executive Officer of the bank, Mr. Dimitar Kostov, Chief Risk Officer, and Mr. Jivko Todorov, Chief Financial Officer.
At the meeting, the management of Fibank presented the 2016 financial results of the bank to the minority shareholders.
The Bank reported steady increase in profit before tax and impairment, which reached BGN 255 million. Such profit growth was mainly driven by the more efficient management of assets and liabilities of the bank.
In 2016, robust capital buffers were built by Fibank. During the year, the bank allocated provisions amounting to BGN 155 million.
The audited profit after tax and impairments amounted to BGN 90.2 million. The bank also reported a 2% growth in assets which reached BGN 8.9 billion. Thus First Investment Bank ranks third in asset size in the Bulgarian banking system, after UniCredit Bulbank and DSK Bank.
As at 31 December 2016, the capital adequacy of the Bank amounted to 15.41%, the cost/income ratio was 42.04%, and the return on equity – 11.17%.
Questions were raised at the meeting regarding bringing in a strategic partner for Fibank. Those will be addressed by the bank's management at the next meeting.