First Investment Bank Posted a 10 Million Leva Profit in First Quarter

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First Investment Bank posted a profit of 10.114 mln leva in the first quarter of this year compare dto a profit of 5.392 mln leva a year ago, the company’s financial report published by BSE-Sofia shows.

Interest revenues were up 28.2% to 56.9 mln leva from 44.37 mln leva in the same quarter of 2006. Fees and commissions revenues grew 44.7% to 12.4 mln leva.

Interest costs also increased by 15% to 29.54 mln leva, while administrative costs and depreciation losses reached 21.46 mln leva and 6.2 mln leva respectively.

As of March 31 First Investment Bank had assets worth 3.06 bln leva. Its own capital stood at 178.2 mln leva, while its core capital currently amounts to 100 mln leva.

The initial public offering of First Investment Bank starts on 7 May. Initially it will include up to 16.5 mln leva ordinary paperless voting shares – 10 mln newly issued and up to 6.5 mln existing shares.

Between 7 and 18 May investors will be able to enlist for the forthcoming IPO, which will be held via book-building. The deadline for payment of the distributed shares is 23 May, and free trade of First Investment Bank is expected to start on 22 June 2007.

Main shareholders in the bank are Ivaylo Mutafchiev and Tseko Minev controlling 31.83 per cent of the capital each while First Financial Brokerage House Ltd holds 13.89 per cent. Legnano Enterprice Limited owns 8.45 per cent and Domenico Ventures and Rafaela Consultance Limited own 7 per cent each.

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