TBI Bank posts 20 million Euro net profit for 2020
The consolidated audited financial results of TBI Bank (including all entities) show a net profit of 19.8 million Euro in 2020, 3.1 million Euro less than the record high results in 2019. Despite a near 6 percent increase of the Bank’s net interest income, reaching 91 million Euro at year’s end, net profit was affected by the extra provisions for newly issued loans.
In 2020, the bank recorded growth in every business line, with total assets increasing by nearly 20 percent reaching 556 million Euro at the end of the year. Assets’ growth was mainly driven by an increase in retail loans and government and corporate bond investments. In 2020, TBI Bank serviced almost 1.2 million loan applications in Bulgaria and Romania, 7.5 percent more compared to 2019, and disbursed nearly 500 thousand loans. Online retail loans contributed significantly to this growth, doubling in 2020 compared to the previous year.
In terms of markets, Romania demonstrated the highest business growth and substantially contributed to an overall loan portfolio increase (12 percent growth overall; 31 percent for Romania), which reached 409 million Euro at the end of the year for all TBI’s markets.
“At TBI, we entered 2020 looking back at our most successful performance in history and started the year very strong. Then, in February we had to regroup. We implemented safety measures even before the Governments took action, and started preparing for a future which back then seemed totally unclear. Focusing on protecting our customers and colleagues whilst accelerating our digital efforts has not been easy, but I believe last year’s results are a great proof of how we managed to steer through. Additionally, our strong performance in Q1-2021 is another evidence that our continuous investment in technology and in expanding our digital channels has been the right decision, while further developing our distinguished phygital model,” says Petr Baron, CEO of TBIF (TBI Bank).