First Investment Bank's H1 Profit Reaches 24 Mln Leva

First Investment Bank's H1 Profit Reaches 24 Mln Leva

First Investment Bank's () net profit in H1 this year stands at 24.093 mln leva (12.31 mln euros), or 0.22 leva share, which is 24.43% up from the corresponding period a year ago.

The hike is attributed to rising revenues from fees and commissions (by 30%), to higher income from interest rates (by 32%), as well as to good corporate management.

At the end of June, assets stood at 4.069 bln leva (2.08 bln euros), which is down by 136 mln leva compared with 31 December 2007. The decline is due to the repayment of a 3-year eurobond debt, on which the bank paid a total of 15 mln euros in interest rates and the principal was in the amount of 200 mln euros.

On June 30 the balanced value of the credit portfolio stood at 2.787 bln leva (1.42 bln euros), slightly up from 2.768 mln leva a year ago.

The bank continues to maintain a high level of liquidity, which on June 30 was 23%.

FIBank's capital adequacy ratio reaches 13.42%, as a result of capitalization of last year's profit.
On June 30 FIBank had a total of 135 branches and offices in Bulgaria and abroad. 16 new offices were opened during the period in Sofia and in the cities of Botevgrad, Razlog, Bankso, Stara Zagora, Plovdiv, Mezdra and Yambol.

The last deal on the position was at 5.99 leva/share, which places the bank's market capitalization at 661 mln leva.

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