Bulgaria’s First Investment Bank (Fibank) [BUL:5F4] said its individual net profit rose in 2018 by 83% to 156.6 million levs ($92 million/80 million euro) on the back of a sizable increase in revenue from asset sales. Fibank disclosed the information in its 2018 unaudited annual financial report released after the Bulgarian Stock Exchange closed for trading on Wednesday.
In a separate filing on Wednesday, Fibank said that it has leased a “significant part” of the site of bankrupt steel mill Kremikovtsi to a unit of Austria’s Soravia Group. The lender’s shares rose 13.24% to 3.85 levs in early trade on Thursday. Fibank pocketed 81.1 million
Net interest income edged up 1.3% to 250.9 million levs, while net fee and commission income dropped 5.4% to 93.6 million levs. Administrative expenses rose to 202.3 million levs last year from 196.6 million levs the year before, while depreciation costs increased to 82.5 million levs from 77.5 million levs. The bank’s capital adequacy ratio improved to 16.12% at the end of 2018 compared to 16.05% at the end of 2017.