First Investment Bank 1H Profit Up 62.5% To 19.4 Mln Leva

First Investment Bank 1H Profit Up 62.5% To 19.4 Mln Leva

The net 1H profit of First Investment Bank is up 62.5% to 19.362 mln leva (8.897 mln euros), or 0.176 leva per share, from 11.914 mln leva (6.091 mln euros) a year ago, shows the company's report filed with the BSE Sofia.

Revenue from interest is up 30.36% to 119.3 mln leva (60.997 mln euros), compared with 91.5 mln leva (46.783 mln euros) for the respective period a year ago. Revenue from fees and commissions grew 31.7% to 25.7 mln leva (13.140 mln euros), against 19.53 mln leva (9.985 mln euros) in 2006 1H.

The banks administrative costs reach 46.59mln leva (23.821 mln euros), which is 28.7% more than last year. Loss on credits and borrowings due to devaluation stands at 14.13 mln leva (7.224 mln euros) against 6.3 mln leva (3.221 mln euros) last year.

The bank recently held an IPO increasing core capital by 10 mln leva (5.112 mln euros). The difference over the nominal value of subscribed shares amounted to 97 mln leva (49.595 mln euros) and was added to the Reserves Fund.

As of June 30, the bank's core capital stands at 110 mln leva (56.257 mln euros), and equity capital at 294.54 mln leva (150.596 mln euros).

Assets stand at 3.47 bln leva (1.774 bln euros). Deposits are worth 2.65 bln leva (1.355 bln euros) and credits amount to 2.46 bln leva (1.257 bln euros).

FIB stock has added 0.7% on the BSE so far today. Shares are currently traded at 13.92 leva, bringing the bank's market capitalization to 1.53 bln leva (782.286 mln euros).

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