Fibank Q3’21 consolidated net profit grew 38.3% YoY to BGN 26.3m (EPS of BGN 0.18), coming 10.4% higher than stand-alone net result. Consolidated net interest income increased 14.7% YoY (+6.9% compared to stand-alone financials) as interest cost dropped 19.9% YoY while interest income increased 7.9% YoY. Interest income increased as a result of growth of gross loans (+3.3% YoY), surge of investment portfolio (+34.1% YoY) and widening net interest margin to 3.35% vs 3.14% in Q3’20. Non-interest income also grew by 29.9% YoY, keeping pace from the previous quarter on growth of net F&C income (+28.5% YoY) as well as net trading income and other operating income. TOI registered 19.8% YoY growth to BGN 114.2m (6.1% higher than stand-alone). Administrative cost was virtually flat YoY (+6.9% vs the unconsolidated) while other operating cost declined 34.5% YoY. Consequently, pre-provisioning profit surged 52.9% YoY (+7% vs unconsolidated) to BGN 61.6m. The 72.8% higher credit provisions (+3% vs unconsolidated), however, partly limited the net income growth.
9m’21 net income came to BGN 59.4m, +31.3% YoY (+15.4% vs stand-alone) with 9m’21 consolidated EPS of BGN 0.40. TOI grew 12.9% YoY (+6.2% vs stand-alone) while administrative cost declined 4.3% YoY (+7% vs stand-alone). Credit provisions, on the other hand, surged 57.1% YoY (+1.8% vs stand-alone).
Portfolio quality improved as NPE’s declined 13.1% YoY with ratio down to 19.7% (-3.7 p.p. YoY). 90-days past due ratio was also down 0.9 p.p. YoY to 11.5%, but the size of the overdue loans slightly increased QoQ in absolute terms The total capital ratio (20.82%) and CET 1 ratio (17.91%) slightly declined over the last quarter, while remaining comfortably above requirements.