FIB's Profit Surges 74.21% To 50 Mln Leva

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FIB's Profit Surges 74.21% To 50 Mln Leva

First Investment Bank's () net profit surged 74.21% y/y tot 50 mln leva (25.564 mln euros) at the end of 2007. The good result is mainly attributed to the hike in the bank's credit portfolio, as well as to rising non-interest revenues.

Last year FIB filed a successful IPO, which was oversubcribed 5.97 times. The IPO price per share stood at 10.70 leva and the bank raised 107 mln leva (54.708 mln euros) to fund its development.

On 31 December 2007 FIB's balance reached 4.205 bln leva (2.149 bln euros), or 33.28% up from a year ago.

The value of the credit portfolio amounted to 2.768 bln leva (1.415 bln euros) last year, versus 1.709 bln at the end of 2006, i.e. a 61.97% hike. The credit portfolio accounts for 66% of the bank's assets.

In February 2007 the bank signed an agreement with Landesbank Rheinland-Pfalz for funding in the amount of 20 mln euros.

In October FIB gave a 185 mln euros syndicated loan to its subsidiary First Investment Finance B.V.

The number of FIB's offices in the country and abroad reached 120 last year. The bank's subsidiary FIB Albania received a full bank license from Albania's central bank on June 27. As of 1 September 2007 the new institution takes care of all activities of FIB's branch in Tirane.

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