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International Asset Bank AD with a profit growth of 71% in 2018

International Asset Bank AD with a profit growth of 71% in 2018

 

For a consecutive year International Asset Bank registered a solid profit growth, this time the positive change for the past 12 months is 71%. The financial result after tax for the institution in 2018 amounts to BGN 10 288 thousand, which is one of the highest values ​​in the nearly 30-year history of the bank. The most serious factors behind the persistence of the lasting trend are the competitive advantages of revenue generation, the low level of operating costs and the overall efficiency of operations.

 

The other key indicators in 2018 also show positive development.The Bank's assets as of 31/12/2018 reached BGN 1 438 916 thousand, which is a growth of 4.87% compared to the end of 2017. Despite the sustained low-interest environment and the continuing trend of decreasing interest rates, International Asset Bank reported a growth of its deposit base of 4.82%, while substantially reducing its interest expenses by BGN 5,597 thousand or by 34%. Revenues from fees and commissions increased by BGN 3,038 thousand, and increase of 18% on annual base. Net interest income increased by 15% compared to 2017 and reached BGN 20,898 thousand. The credit portfolio of International Asset Bank logically also increased (9.15% on an annual basis), following the general trend and at the  end of 2018 it reached BGN 1 335 million. The most significant increase of 24.71% was recorded in the mortgage loan portfolio, and in the segment of non-financial companies, the growth was 5.67%.

 

In the current 2019, the Bank will continue to pursue its sustainable dynamic development model, combining an individual approach with flexible, innovative solutions under the most competitive conditions and following best industry practices.