On June 19, 2019, in Sofia Hotel Balkan, the Annual General Meeting of Shareholders of Fibank (First Investment Bank) was held.
The meeting was attended by Mr. Nedelcho Nedelchev, CEO of the bank, Executive Directors Mr. Svetozar Popov, Mrs. Sevdalina Vassileva , Mr. Chavdar Zlatev, and Mr. Jivko Todorov, CFO.
The management of Fibank presented to the attending shareholders the activity report and the financial results of the bank for 2018. Fibank's assets reached BGN 9.587 billion at the end of 2018, increasing by BGN 666 million or 7.46% YOY, such asset growth being mainly driven by loans and advances. The corporate loan portfolio of the bank grew by 11% over the past year. In 2018, loans to small and medium-sized enterprises increased by 16.7% and gross retail loans by 12%. In mortgage lending, the reported annual growth was 18.3% and in consumer lending - 19.9%. At the same time, Fibank continued to be among the preferred banks by depositors in the country. Return on equity (after taxes) was 19.24%.
Net profit for 2018 increased by 85.9% YOY, reaching BGN 171.5 million. The Bank's shareholders voted the profit to be retained, without dividend payments or other deductions, with a view to its inclusion in Common Equity Tier 1 capital.