The rising interest rates continued to affect positively the profitability of the bank as net interest income for the quarter grew by 20.1% YoY (+BGN 16.9m) on the back of 23.1% growth (+BGN 21.2m) of interest income. Fees & commissions income (+12.7% YoY, +BGN 4.2m) and net trading income (+22.9% YoY, +BGN 1.3m) also increased YoY. On the other side was the BGN 30m loss on debt instruments, which affected negatively the profitability of the bank. Recall that in Q4’23 the bank booked another BGN 45m loss with the same description and our guess is that it is related to its corporate bonds portfolio. As a result, total operating income came 6.6% YoY lower (-BGN 8.3m) to BGN 117.2m. Below the TOI line, administrative cost and credit provisions increased YoY while other OPEX declined. Fibank Q1’24 unconsolidated net income fell by 41.6% YoY to BGN 18.7m (EPS of BGN 0.13). Gross loans portfolio grew 12.2% YoY and 3% QoQ to BGN 7.7bn as corporate loans grew 13.7% YoY (+3.1% QoQ) while retail loans added 9% YoY (+2.7% QoQ). NPL’s reversed the downtrend and rose 33.9% QoQ with ratio at 17.1% of gross loans and 13.6% (based on loans & advances according to EBA definition) while 90-days past due loans increased 9% QoQ to 8.8% of gross loans. The total capital ratio (20.35%) and CET 1 ratio (17.01%) remain above the required levels.