First Investment Bank

FIB's mortgage loans rose 9.05% to BGN 622 mil in 2017

By Helgi Analytics - September 20, 2018

First Investment Bank's mortgage loans reached BGN 622 mil in 2017, up 9.05% compared to the previous year. Bulgarian banking s...

FIB's npls (as % of loans) fell 8.61% to 17.6% in 2017

By Helgi Analytics - September 2, 2018

First Investment Bank's non-performing loans reached 17.6% of total loans at the end of 2017, down from 19.3% compared to the pre...

FIB's customer deposits fell 4.15% to BGN 7,584 mil in 2017

By Helgi Analytics - September 2, 2018

First Investment Bank's customer deposits reached BGN 7,584 mil in 2017, down 4.15% compared to the previous year. Bulgarian ba...

Profit Statement 2015 2016 2017
Net Interest Income BGN mil 264 319 261
Net Fee Income BGN mil 84.2 92.2 102
Other Income BGN mil 183 60.2 43.5
Total Revenues BGN mil 530 472 407
Staff Cost BGN mil 60.4 61.0 65.0
Operating Profit BGN mil 349 266 181
Provisions BGN mil 329 156 78.9
Net Profit BGN mil 17.8 98.7 92.2
Balance Sheet 2015 2016 2017
Interbank Loans BGN mil 109 51.9 54.4
Customer Loans BGN mil 5,221 5,045 5,163
Debt Securities BGN mil 680 892 804
Total Assets BGN mil 8,885 9,090 8,921
Shareholders' Equity BGN mil 750 859 947
Interbank Borrowing BGN mil 4.71 3.35 8.14
Customer Deposits BGN mil 7,204 7,912 7,584
Issued Debt Securities BGN mil 382 279 336
Ratios 2015 2016 2017
ROE % 2.41 12.3 10.2
ROA % 0.201 1.10 1.02
Costs (As % Of Assets) % 2.04 2.28 2.50
Costs (As % Of Income) % 34.1 43.5 55.4
Capital Adequacy Ratio % 14.7 15.1 15.9
Net Interest Margin % 2.98 3.55 2.90
Loans (As % Of Deposits) % 72.5 63.8 68.1
NPLs (As % Of Loans) % 23.9 19.3 17.6
Provisions (As % Of NPLs) % 51.6 73.6 59.3
Valuation 2015 2016 2017
Market Capitalisation (End Of Period) USD mil 133 199 382
Share Price (End Of Period) BGN 2.16 3.35 5.66
Price/Earnings (P/E) 13.3 3.73 6.75
Price/Book Value (P/BV) 0.317 0.429 0.657
Earnings Per Share (EPS) BGN 0.162 0.897 0.838
Book Value Per Share BGN 6.82 7.81 8.61

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summary Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                          
Net Interest Income BGN mil             162 154 182 292 264    
Total Revenues BGN mil             246 240 442 526 530    
Operating Profit BGN mil             75.3 70.7 259 335 349    
Net Profit BGN mil             35.9 30.5 185 30.8 17.8    
balance sheet                          
Interbank Loans BGN mil             100 45.9 120 112 109    
Customer Loans BGN mil             4,182 4,540 6,021 5,810 5,221    
Debt Securities BGN mil             738 853 622 564 680    
Total Assets BGN mil             6,174 7,050 8,778 8,828 8,885    
Shareholders' Equity BGN mil             470 505 693 727 750    
Interbank Borrowing BGN mil             1.78 2.58 5.30 1.39 4.71    
Customer Deposits BGN mil             5,388 6,190 7,536 7,602 7,204    
Issued Debt Securities BGN mil             305 341 526 473 382    
ratios                          
ROE %             7.94 6.26 30.9 4.34 2.41    
ROA %             0.642 0.461 2.34 0.350 0.201    
Costs (As % Of Assets) %             3.05 2.56 2.32 2.17 2.04    
Costs (As % Of Income) %             69.3 70.5 41.5 36.3 34.1    
Capital Adequacy Ratio %             12.6 11.4 13.3 13.6 14.7    
Net Interest Margin %             2.90 2.33 2.30 3.32 2.98    
Interest Income (As % Of Revenues) %             66.0 64.3 41.1 55.5 49.7    
Fee Income (As % Of Revenues) %             29.4 31.0 20.8 16.6 15.9    
Staff Cost (As % Of Total Cost) %             30.4 31.5 32.6 34.5 33.4    
Equity (As % Of Assets) %             7.61 7.17 7.89 8.23 8.44    
Loans (As % Of Deposits) %             77.6 73.4 79.9 76.4 72.5    
Loans (As % Assets) %             67.7 64.4 68.6 65.8 58.8    
NPLs (As % Of Loans) % ...           3.18 9.65 7.66 6.52 23.9    
Provisions (As % Of NPLs) % ...           96.8 37.2 49.2 127 51.6    
valuation                          
Market Capitalisation (End Of Period) USD mil ... ...         137 106 188 191 133    
Number Of Shares (Average) mil ...           110 110 110 110 110    
Share Price (End Of Period) BGN ... ...         1.88 1.43 2.43 2.80 2.16    
Earnings Per Share (EPS) BGN ...           0.326 0.277 1.68 0.280 0.162    
Book Value Per Share BGN ...           4.27 4.59 6.30 6.61 6.82    
Price/Earnings (P/E) ... ...         5.77 5.16 1.45 10.0 13.3    
Price/Book Value (P/BV) ... ...         0.440 0.311 0.386 0.424 0.317    
Earnings Per Share Growth % ... ...         28.3 -14.9 506 -83.4 -42.1    
Book Value Per Share Growth % ... ...         8.50 7.50 37.1 4.96 3.16    
income statement Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                          
Interest Income BGN mil             441 466 480 529 485    
Interest Cost BGN mil             279 311 299 237 221    
Net Interest Income BGN mil             162 154 182 292 264    
Net Fee Income BGN mil             72.3 74.3 91.8 87.4 84.2    
Other Income BGN mil             11.3 11.4 168 147 183    
Total Revenues BGN mil             246 240 442 526 530    
Staff Cost BGN mil             51.8 53.4 59.7 65.8 60.4    
Depreciation BGN mil             22.0 21.1 20.7 20.3 18.0    
Other Cost BGN mil             96.4 94.7 103 105 102    
Operating Cost BGN mil             170 169 183 191 181    
Operating Profit BGN mil             75.3 70.7 259 335 349    
Provisions BGN mil             35.3 36.7 70.3 300 329    
Extra and Other Cost BGN mil             0 0 0 0 < 0.001    
Pre-Tax Profit BGN mil             40.1 33.9 188 35.7 20.4    
Tax BGN mil             4.10 3.38 3.33 4.95 2.50    
Minorities BGN mil             0.098 0.069 -0.016 -0.010 0.036    
Net Profit BGN mil             35.9 30.5 185 30.8 17.8    
growth rates                          
Net Interest Income Growth % ...           17.5 -4.79 17.8 60.6 -9.72    
Net Fee Income Growth % ...           29.3 2.73 23.5 -4.74 -3.67    
Total Revenue Growth % ...           18.7 -2.33 84.2 19.1 0.761    
Operating Cost Growth % ...           14.6 -0.616 8.31 4.19 -5.32    
Operating Profit Growth % ...           28.9 -6.19 266 29.7 4.22    
Pre-Tax Profit Growth % ...           27.9 -15.3 454 -81.0 -43.0    
Net Profit Growth % ...           28.3 -14.9 506 -83.4 -42.1    
market share                          
Market Share in Revenues %             6.25 6.29 11.9 13.5 12.8    
Market Share in Net Profit %             7.57 5.81 36.7 4.33 1.98    
Market Share in Employees %             8.37 8.53 10.8 10.4 10.5    
Market Share in Branches %             4.58 4.23 5.86 4.78 4.70    
balance sheet Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                          
Cash BGN mil             926 1,141 1,348 1,652 1,522    
Interbank Loans BGN mil             100 45.9 120 112 109    
Customer Loans BGN mil             4,182 4,540 6,021 5,810 5,221    
Retail Loans BGN mil             796 884 1,335 1,313 1,094    
Mortgage Loans BGN mil             355 376 715 654 615    
Consumer Loans BGN mil             239 295 389 412 478    
Corporate Loans BGN mil             3,254 3,487 4,450 3,974 3,394    
Debt Securities BGN mil             738 853 622 564 680    
Fixed Assets BGN mil             138 139 136 127 117    
Total Assets BGN mil             6,174 7,050 8,778 8,828 8,885    
Shareholders' Equity BGN mil             470 505 693 727 750    
Of Which Minority Interest BGN mil             2.28 2.35 2.33 2.32 2.36    
Liabilities BGN mil             5,704 6,545 8,085 8,101 8,136    
Interbank Borrowing BGN mil             1.78 2.58 5.30 1.39 4.71    
Customer Deposits BGN mil             5,388 6,190 7,536 7,602 7,204    
Retail Deposits BGN mil             4,459 5,027 5,616 5,729 6,146    
Corporate Deposits BGN mil             930 1,163 1,920 1,873 1,058    
Sight Deposits BGN mil ... ... ... ... ... ... ... ... 1,465 1,240 1,377    
Term Deposits BGN mil ... ... ... ... ... ... ... ... 6,071 5,460 5,827    
Issued Debt Securities BGN mil             305 341 526 473 382    
Other Liabilities BGN mil             9.28 12.0 18.3 25.1 544    
asset quality                          
Non-Performing Loans BGN mil ...           137 454 479 413 1,421    
Gross Loans BGN mil             4,315 4,709 6,257 6,334 5,955    
Total Provisions BGN mil             133 169 236 524 733    
growth rates                          
Customer Loan Growth % ...           22.4 8.56 32.6 -3.50 -10.1    
Retail Loan Growth % ...           7.16 11.1 51.0 -1.70 -16.7    
Mortgage Loan Growth % ...           -0.283 6.04 90.0 -8.46 -6.01    
Consumer Loan Growth % ...           19.5 23.8 31.8 5.88 16.1    
Corporate Loan Growth % ...           26.3 7.17 27.6 -10.7 -14.6    
Total Asset Growth % ...           23.5 14.2 24.5 0.568 0.651    
Shareholders' Equity Growth % ...           8.50 7.50 37.1 4.96 3.16    
Customer Deposit Growth % ...           25.7 14.9 21.7 0.873 -5.23    
Retail Deposit Growth % ...           23.1 12.8 11.7 2.01 7.29    
Corporate Deposit Growth % ...           40.0 25.1 65.1 -2.46 -43.5    
market share                          
Market Share in Customer Loans %             7.72 8.15 10.8 11.3 10.3    
Market Share in Corporate Loans %             9.74 9.94 12.7 12.8 11.1    
Market Share in Retail Loans %             2.38 3.02 3.95 4.28 5.04    
Market Share in Consumer Loans %             4.21 4.73 7.15 7.14 6.03    
Market Share in Mortgage Loans %             4.00 4.21 8.10 7.48 7.11    
Market Share in Total Assets %             10.3 10.9 12.6 12.6 11.7    
Market Share in Customer Deposits %             10.1 10.7 12.0 11.8 10.8    
Market Share in Retail Deposits %             14.4 14.6 14.9 14.6 14.4    
Market Share in Corporate Deposits %             6.80 8.15 12.4 12.2 5.80    
ratios Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
ratios                          
ROE %             7.94 6.26 30.9 4.34 2.41    
ROA %             0.642 0.461 2.34 0.350 0.201    
Costs (As % Of Assets) %             3.05 2.56 2.32 2.17 2.04    
Costs (As % Of Income) %             69.3 70.5 41.5 36.3 34.1    
Capital Adequacy Ratio %             12.6 11.4 13.3 13.6 14.7    
Tier 1 Ratio %             10.2 13.1 14.3 14.9 14.2    
Net Interest Margin %             2.90 2.33 2.30 3.32 2.98    
Interest Spread % ...           2.46 1.96 1.99 3.08 2.75    
Asset Yield %             7.89 7.04 6.07 6.01 5.48    
Cost Of Liabilities % ...           5.43 5.08 4.08 2.93 2.73    
Interest Income (As % Of Revenues) %             66.0 64.3 41.1 55.5 49.7    
Fee Income (As % Of Revenues) %             29.4 31.0 20.8 16.6 15.9    
Other Income (As % Of Revenues) %             4.60 4.73 38.1 27.9 34.4    
Cost Per Employee USD per month             1,082 1,022 950 1,099 914    
Cost Per Employee (Local Currency) BGN per month             1,521 1,556 1,399 1,667 1,557    
Staff Cost (As % Of Total Cost) %             30.4 31.5 32.6 34.5 33.4    
Equity (As % Of Assets) %             7.61 7.17 7.89 8.23 8.44    
Loans (As % Of Deposits) %             77.6 73.4 79.9 76.4 72.5    
Loans (As % Assets) %             67.7 64.4 68.6 65.8 58.8    
NPLs (As % Of Loans) % ...           3.18 9.65 7.66 6.52 23.9    
Provisions (As % Of NPLs) % ...           96.8 37.2 49.2 127 51.6    
Provisions (As % Of Loans) %             3.18 3.72 3.92 9.01 14.0    
Cost of Provisions (As % Of Loans) %             0.928 0.842 1.33 5.06 5.97    
other data Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                          
Branches             173 162 221 178 173    
Employees             2,838 2,859 3,554 3,291 3,234    
ATMs             678 641 650 637 630 ... ...
Sight (As % Of Customer Deposits) % ... ... ... ... ... ... ... ... 19.4 16.3 19.1    

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FIB's consumer loans rose 1.45% to BGN 898 mil in 2017

By Helgi Analytics - September 20, 2018

First Investment Bank's consumer loans reached BGN 898 mil in 2017, up 1.45% compared to the previous year. Bulgarian banking sector provided consumer loans of BGN 10.2 bil in 2017, up 4.82% when compared to the last year. First Investment Bank accounted ...

FIB's retail deposits fell 4.38% to BGN 6,305 mil in 2017

By Helgi Analytics - September 20, 2018

First Investment Bank's retail deposits reached BGN 6,305 mil in 2017, down 4.38% compared to the previous year. Bulgarian banking sector accepted retail deposits of BGN 47.8 bil in 2017, up 5.40% when compared to the last year. First Investment Bank acco...

FIB's capital adequacy ratio rose 5.02% to 15.9% in 2017

By Helgi Analytics - September 2, 2018

First Investment Bank's capital adequacy ratio reached 15.9% at the end of 2017, up from 15.1% compared to the previous year. Historically, the bank’s capital ratio hit an all time high of 15.9% in 2017 and an all time low of 11.4% in 2012. The Tier 1 ratio a...

FIB's net profit fell 6.62% to BGN 92.2 mil in 2017

By Helgi Analytics - September 2, 2018

First Investment Bank made a net profit of BGN 92.2 mil under revenues of BGN 407 mil in 2017, up -6.62% and -13.8% respectively compared to the previous year. Historically, the bank’s net profit reached an all time high of BGN 185 mil in 2013 and an all time low of ...

FIB's total revenues fell 13.8% to BGN 407 mil in 2017

By Helgi Analytics - September 20, 2018

First Investment Bank generated total banking revenues of BGN 407 mil in 2017, down 13.8% compared to the previous year. Bulgarian banking sector banking sector generated total revenues of BGN 3,870 mil in 2017, down 4.62% when compared to the last ye...

FIB's price/earnings (P/E) rose 80.8% to 6.75 in 2017

By Helgi Analytics - September 2, 2018

First Investment Bank stock traded at BGN 5.66 per share at the end 2017 implying a market capitalization of USD 382 mil. Since the end of 2012, the stock has appreciated by 296 % implying an annual average growth of 31.7 %. In absolute terms, the value of the company...

FIB's net interest margin fell 18.4% to 2.90% in 2017

By Helgi Analytics - September 2, 2018

First Investment Bank's net interest margin amounted to 2.90% in 2017, down from 3.55% compared to the previous year. Historically, the bank’s net interest margin reached an all time high of 3.61% in 2007 and an all time low of 2.30% in 2013. The averag...

FIB's employees fell 3.04% to 3,221 in 2017

By Helgi Analytics - September 2, 2018

First Investment Bank employed 3,221 persons in 2017, down 3.04% when compared to the previous year. Historically, the bank's workforce hit an all time high of 3,554 persons in 2013 and an all time low of 1,269 in 2005. Average cost reached USD 964 per month per ...

FIB's customer loans rose 2.34% to BGN 5,163 mil in 2017

By Helgi Analytics - September 2, 2018

First Investment Bank's customer loans reached BGN 5,163 mil in 2017, up 2.34% compared to the previous year. Bulgarian banking sector provided customer loans of BGN 59.7 bil in 2017, up 6.73% when compared to the last year. First Investment Bank accounte...

FIB's net interest income fell 18.3% to BGN 261 mil in 2017

By Helgi Analytics - September 2, 2018

First Investment Bank generated total banking revenues of BGN 407 mil in 2017, down 13.8% compared to the previous year. Historically, the bank’s revenues containing of interest, fee and other non-interest income reached an all time high of BGN 530 mil in 2015 ...

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First Investment Bank AD Sofia (Parva investitsionna banka AD Sofia) is a Bulgaria-based commercial bank. The Bank offers a wide range of banking and other financial services to commercial and private banking clients. Its products include loans, current and saving accounts, and deposits amongst others. In addition to providing mainstream banking products, the Group undertakes insurance activities, stock brokerage, investment in mutual funds, leasing services, real estate investment management and financial advice, amongst others. At the end of 2013, the Bank operated 221 branches and 650 ATMs and employed over 3,500 persons. First Investment Bank AD was founded in 1993 and is headquartered in Sofia, Bulgaria.

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Finance

First Investment Bank has been growing its revenues and asset by 7.60% and 7.82% a year on average in the last 10 years. Its loans and deposits have grown by 6.39% and 11.8% a year during that time and loans to deposits ratio reached 68.1% at the end of 2017. The company achieved an average return on equity of 10.2% in the last decade with net profit growing 6.09% a year on average. In terms of operating efficiency, its cost to income ratio reached 55.4% in 2017, compared to 57.4% average in the last decade.

Equity represented 10.6% of total assets or 18.3% of loans at the end of 2017. First Investment Bank's non-performing loans were 17.6% of total loans while provisions covered some 59.3% of NPLs at the end of 2017.

Valuation

First Investment Bank stock traded at BGN 5.66 per share at the end of 2017 resulting in a market capitalization of USD 382 mil. Over the previous five years, stock price rose by 296% or 31.7% a year on average. That’s compared to an average ROE of 12.0% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 6.75x and price to book value (PBV) of 0.657x in 2017.