tbi bank Reports All-Time Record Net Profit for 2022

Some 6 years ago tbi bank started one of the most ambitious business transformations in the region. The journey from a traditional local player to а mobile-first challenger in South-Eastern Europe was as tough as eventually sustainably successful – despite the uncertain environment in the world. tbi‘s customer-focus, market and product expansion is constantly rewarded with excellent financial results. 2022 doesn’t make a difference.

tbi bank’s consolidated unaudited financial results for 2022 show all-time record net profit of EUR 35.5 million – 29% higher than the EUR 27.5 million achieved in 2021. The Bank quickly adjusted to the market environment and consumer preferences, which helped both retail and SME business lines to grow above the market trends and contribute positively to the overall result.

Being one of the SEE leaders in alternative payment solutions (allowing customers to split their payments over time), in 2022 tbi bank received 1.3 million financing applications in Bulgaria, Romania and Greece and disbursed nearly 550 thousand payment plans at the amount of EUR 726 million – 34% more compared to 2021. Growth can be seen in both retail and SME sectors in Bulgaria and Romania.

tbi reports an impressive 54% growth in total assets as to the end of 2022, reaching EUR 1.1 billion (EUR 380 million in 2022). The loan portfolio increased to EUR 778 million at the end of December 2022 (43% growth compared to 2021). In 2022, General Purpose loans via the digital channels and Customer Centers in Bulgaria grew by nearly 50% compared to just 20% growth in 2021 thus contributing strongly to tbi bank’s results.

Based on such healthy business performance, the Bank’s revenue grew by 30% to EUR 161 million. This allowed operating profit for 2022 to reach EUR 122 million with 28% year-on-year growth. The increase in the Bank’s general expenses by 30% to EUR 79 million was mainly driven by accelerated growth of loan portfolio and investments into new business lines (neon solution) and markets (Greece scale-up). Pre-tax profit amounted to EUR 43 million.

Also, tbi bank’s deposit portfolio reached EUR 796 million at the end of December 2022, demonstrating a record growth of 63% – substantially outperforming the market. The main driver was retail deposits, the customer base increased even higher with nearly 70% compared to 2021. By offering superior value to the depositors, tbi achieved 75% market share increase in Bulgaria.

At the end of the period the Bank had a strong and well secured position from both liquidity and capital sides – on consolidated basis the liquidity coverage ratio (LCR) being at 592% (much above regulatory minimum of 100%) and the capital adequacy ratio (CAR) – 22.1%. tbi bank’s operations with ever-improving efficiency (49.8% cost to income ratio) were combined with return on the working portfolio (ROWP) at 23.8% and allowed the return on equity (ROE) and the return on assets (ROA) to reach 20.6% and 4%, respectively. It once again puts tbi among the most efficient and profitable banks in South-Eastern Europe region.

“In times of ongoing uncertainty around the world, tbi’s business model keeps delivering fast and profitable growth – our 2022 record breaking financial performance is the proof of that, says Petr Baron, CEO of tbi. They are a result of best-in-class execution by our dedicated team, that keeps on developing an ecosystem for financing and shopping for both our merchants and mutual customers, used day in, day out. As we inevitably start to think about what 2023 holds, we will continue to develop innovative products and services that improve the mobile-first daily banking experience of our customers – our new neon solution being the best example for that – and expand our merchant network in Bulgaria, Romania, and Greece”.