First Investment Bank's Consolidated Profit Reaches 51.1 Mln Leva

First Investment Bank's Consolidated Profit Reaches 51.1 Mln Leva

First Investment Bank's () consolidated profit surged 77.37% last year to 51.113 mln leva (26.133 mln euros), the bank's report filed with BSE reveals.

The good result is attributed to a hike in the credit portfolio and to rising non-interest revenues. The administrative costs/total revenues from bank operations ratio stood at 54.98%, compared with 62.58% in 2006.

The balanced value of assets came to 4.201 bln leva (2.147 bln euros), which is 1.054 bln (33.47%) above the preceding year.

On December 31 the balanced value of the credit portfolio stood at 2.778 bln leva (1.42 bln euros), versus 1.710 bln leva on the same date 2006, which is a hike of 62.48%.

In February 2007 the bank signed an agreement with Landesbank Rheinland-Pfalz for financement in the amount of 20 mln euros (39 mln BGN).

In October 2007 FIB and a consortium of 23 banks in 10 countries agrred on a syndicated 185-mln-euro loan. The beneficiary is the subsidiary First Investment Finanace B V.

FIB's capital adequacy ratio is 12.98%.

The number of the bank's branches and offices in Bulgaria and abroad reached 120 last year. The subsidiary FIB-Albania received a license from the Albanian Central Bank on June 27, 2007. The new bank replaces FIB's branch office in Tirane as of September 1, 2007.

Shares closed at 9.82 leva yesterday, which values the bank at 1.08 bln leva (552.19 mln euros).

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