Bulgaria's First Investment Bank (FIBank) booked 15.07 mln leva (7.7 mln euros) net profit for the first quarter of 2008, up 49% year on year, x3news reported.

The increase may be put down to the expanded credit portfolio of the bank and the increase in non-interest revenue, the quarterly report of the financial institution shows.

The total assets of the bank amounted to 4.07 bln leva (2.08 bln euros) as at March 31, 2008, down by 136 mln leva (69.53 mln euros), or 3.22%, compared to December 31, 2007. The decline may be put down to the repayment of a 200 mln euros principal and 15 mln euros interest on a long-term bond loan.

FIBank's market share remains stable as the competition in the sector intensifies.

The balance sheet value of the credit portfolio of the bank stood at 2.783 bln leva (1.42 bln euros) as at March 31, 2008, compared to 2.768 bln leva (1.41 bln euros) as at December 31, 2007. The net increase amounted to 15 mln leva (7.67 mln euros).

The bank continues to maintain high liquidity after the repayment of the bond loan as far as scale of operation and growth rate are concerned. FIBank's liquidity ratio stood at 23% as at March 31, 2008.

The capital adequacy ratio of the bank amounted to 13.42 % as at the end of March 2008, as a result of the conversion of the profit for 2007 into capital.

FIBank operated a total of 129 branches and office in Bulgaria and abroad as at March 31, 2008. The company opened five new offices in Sofia, as well as new offices in Botevgrad, Razlog, Bansko, and Stara Zagora.