To:
Financial Supervision Commission
Investment Activity Supervision Department
16 Budapest Str.
Sofia
Cc:
Bulgarian Stock Exchange - Sofia AD
6 Tri Ushi Str.
Sofia
Cc:
The public via x3news
11 August 2023
Re: Consolidated (unaudited) financial statements of First Investment Bank AD as at 30 June 2023
Dear Sirs,
In compliance with the requirements of the Public Offering of Securities Act (POSA) and the regulations for its implementation, in our capacity as public company and issuer of bonds admitted for trading at a regulated market, we hereby submit the consolidated (unaudited) financial statements of First Investment Bank AD as at 30 June 2023, containing:
- Financial statements as at 30.06.2023 as per Art. 100о, para. 4(1) and with relation to Art. 100о¹, para. 7 of POSA;
- Notes to the financial statements as at 30.06.2023;
- Interim activity report under Art. 100о, para. 4(2) and with relation to Art. 100о¹, para. 7 of POSA;
- Declaration under Art. 100о, para. 4(3) and with relation to Art. 100о¹, para. 7 of POSA;
Sincerely, | |
(signed) | (signed) |
Nikola Bakalov | Chavdar Zlatev |
Chief Executive Officer | Executive Director |
MB Chairperson | Member of the MB |
FIRST INVESTMENT BANK AD
Consolidated statement of the financial position as at 30/06/2023
unaudited | in BGN '000 | |
30.6.2023 | 31.12.2022 | |
ASSETS | ||
Cash and balances with Central Banks | 1 505 040 | 2 042 858 |
Investments in securities | 3 427 639 | 2 819 193 |
Loans and advances to banks and other financial institutions | 195 038 | 221 900 |
Loans and advances to customers | 7 159 584 | 6 823 003 |
Property and equipment | 105 989 | 108 376 |
Intangible assets | 24 821 | 16 611 |
Derivatives held for risk management | 1 831 | 1 609 |
Current tax assets | 0 | 0 |
Deferred tax assets | 3 525 | 3 948 |
Repossessed assets | 428 899 | 423 585 |
Investment Property | 754 385 | 750 324 |
Rights of use assets | 183 456 | 171 638 |
Other assets | 144 002 | 115 937 |
TOTAL ASSETS | ||
13 934 209 | 13 498 982 | |
LIABILITIES AND CAPITAL | ||
Due to banks | 17 105 | 13 152 |
Due to other customers | 11 713 588 | 11 454 906 |
Liabilities evidenced by paper | 167 132 | 123 846 |
Financial liabilities at fair value through profit or loss | 4 524 | 8 488 |
Subordinated term debt | 19 409 | 19 410 |
Hybrid debt | 266 079 | 256 861 |
Derivatives held for risk management | 0 | 0 |
Deferred tax liabilities | 28 020 | 27 823 |
Current tax liabilities | 7 105 | 645 |
Lease liabilities | 182 288 | 171 217 |
Other liabilities | 32 667 | 23 012 |
TOTAL LIABILITIES | ||
12 437 917 | 12 099 360 | |
Issued share capital | 149 085 | 149 085 |
Share premium | 250 017 | 250 017 |
Statutory reserve | 39 865 | 39 865 |
Revaluation reserve of investments in securities | (12 491) | (18 047) |
Revaluation reserve on property | 4 500 | 4 500 |
Reserve from translation of foreign operations | 12 579 | 6 368 |
Other reserves and retained earnings | 1 047 260 | 962 805 |
TOTAL SHAREHOLDERS' EQUITY | ||
1 490 815 | 1 394 593 | |
Non-controlling interest | 5 477 | 5 029 |
TOTAL GROUP EQUITY | 1 496 292 | 1 399 622 |
TOTAL LIABILITIES AND GROUP EQUITY | 13 934 209 | 13 498 982 |
(signed) | (signed) |
Nikola Bakalov | Chavdar Zlatev |
Chief Executive Officer | Executive Director |
(signed) | |
Yanko Karakolev | |
Chief Financial Officer |
FIRST INVESTMENT BANK AD
Consolidated statement of profit or loss and of other comprehensive income for the six monts ended 30/06/2023 unaudited
in BGN '000 | ||
Six months ended | Six months ended | |
30/06/2023 | 30/06/2022 | |
Interest income | 212 361 | 161 728 |
Interest expense | (20 739) | (23 509) |
Net interest income | 191 622 | 138 219 |
Fee and commission income | 93 966 | 86 281 |
Fee and commission expense | (21 854) | (18 014) |
Net fee and commission income | 72 112 | 68 267 |
Net trading income | 11 029 | 8 919 |
Other net operating income | 4 753 | 7 071 |
TOTAL INCOME FROM BANKING OPERATIONS | ||
279 516 | 222 476 | |
Administrative expenses | (116 377) | (110 822) |
Other expenses, net | (4 448) | (14 295) |
Profit before impairment | 158 691 | 97 359 |
Allowance for impairment | ||
(61 179) | (55 916) | |
PROFIT BEFORE TAX | 97 512 | 41 443 |
Income tax expense | ||
(10 636) | (4 646) |
GROUP PROFIT AFTER TAX
Other comprehensive income for the period
Items which should or may be reclassified as profit or loss Exchange rate differences from translation of foreign operations Revaluation reserve of investments in securities
Total other comprehensive income
TOTAL COMPREHENSIVE INCOME
Net profit attributable to:
Ordinary equity holders
Non-controlling interest
Total comprehensive income attributable to:
Ordinary equity holders
Non-controlling interest
86 876 | 36 797 |
6 211 | 903 |
5 556 | (20 528) |
11 767 | (19 625) |
98 643 | 17 172 |
86 428 | 36 454 |
448 | 343 |
98 195 | 16 829 |
448 | 343 |
Basic and diluted earnings per share (BGN) | 0,58 | 0,24 |
(signed) | (signed) |
Nikola Bakalov | Chavdar Zlatev |
Chief Executive Officer | Executive Director |
(signed) | |
Yanko Karakolev | |
Chief Financial Officer |
FIRST INVESTMENT BANK AD
Consolidated statement of shareholders' equity for the six months ended 30/06/2023 unaudited
in BGN '000
Balance at 01/01/2022
Total comprehensive income for the period Net profit for the year ended 31 December 2022
Other comprehensive income for the period
Revaluation | Reserve from | |||||||
Other reserves | reserve of | translation of | ||||||
Issued share | Share | and retained | investments in | Revaluation reserve | foreign | Statutory | Non-controlling | |
capital | premium | earnings | securities | on property | operations | reserve | interest | Total |
149 085 | 250 017 | 860 339 | 9 115 | 4 500 | 2 592 | 39 865 | 4 329 | 1 319 842 |
- | - | 97 241 | - | - | - | - | 749 | 97 990 |
Revaluation reserve of investments in securities | - | - | (27 162) | - | - | - | - | (27 162) | |||
Reserve from translation of foreign operations | - | - | - | - | - | 3 776 | - | - | 3 776 | ||
Effect of consolidation of significant subsidiary | - | - | 1 096 | - | - | - | - | - | 1 096 | ||
Effect from de consolidation of subsidiaries | - | - | 4 129 | - | - | - | - | (49) | 4 080 | ||
Balance as at 31/12/2022 | 149 085 | 250 017 | 962 805 | (18 047) | 4 500 | 6 368 | 39 865 | 5 029 | 1 399 622 | ||
Total comprehensive income for the period | |||||||||||
Net profit for the six months ended on 30/06/2023 | - | - | 86 428 | - | - | - | - | 448 | 86 876 | ||
Other comprehensive income for the period | |||||||||||
Revaluation reserve of investments in securities | - | - | - | 5 556 | - | - | - | - | 5 556 | ||
Reserve from translation of foreign operations | - | - | - | - | - | 6 211 | 6 211 | ||||
Dividend paid by subsidiary | - | - | (1 973) | - | - | - | - | - | (1 973) | ||
Balance as at 30/06/2023 | 149 085 | 250 017 | 1 047 260 | (12 491) | 4 500 | 12 579 | 39 865 | 5 477 | 1 496 292 | ||
(signed) | (signed) | ||||||||||
Nikola Bakalov | Chavdar Zlatev | ||||||||||
Chief Executive Officer | Executive Director |
(signed)
Yanko Karakolev
Chief Financial Officer
FIRST INVESTMENT BANK AD
Consolidated statement of cash flows for the six months ended 30 June 2023
unaudited | in BGN '000 | |
Six months ended | Six months ended | |
30 June 2023 | 30/06/2022 | |
Net cash flow from operating activities | 86 876 | 36 797 |
Net profit | ||
Adjustment for non-cash items | 61 179 | 55 915 |
Allowance for impairment | ||
Net interest income | (191 622) | (138 218) |
Depreciation and amortization | 6 814 | 6 473 |
Tax expense | 10 636 | 4 645 |
Loss/(profit) from sale and write-off of tangible and intangible fixed assets, net | 54 | (5) |
Profit/(Loss) from sale of other assets, net | (2 093) | 1 990 |
(Positive) revaluation of investment property | - | - |
Change in operating assets | (28 156) | (32 403) |
(2 418) | (4 180) | |
(Increase) in financial assets at fair value through profit or loss | ||
(Increase)/decrease in financial assets at fair value in other comprehensive income | (409 593) | 325 448 |
Decrease in loans and advances to banks and financial institutions | 10 718 | 5 880 |
(Increase) in loans to customers | (469 591) | (11 257) |
Net (increase) in other liabilities | (32 982) | (100 358) |
Change in operating liabilities | (903 866) | 215 533 |
4 242 | (5 670) | |
Increase/(decrease) in deposits from banks | ||
Increase in amounts owed to other depositors | 257 400 | 509 246 |
Net increase in other liabilities | 13 632 | 67 772 |
Interest received | 275 274 | 571 348 |
267 462 | 166 237 | |
Interest paid | (9 664) | (16 504) |
Dividends received | 2 215 | 91 |
Paid profit tax, net | (4 577) | (2 774) |
NET CASH FLOW FROM OPERATING ACTIVITIES | (401 312) | 901 528 |
Cash flow from investing activities | (12 251) | (13 333) |
(Purchase) of tangible and intangible fixed assets | ||
Sale of tangible and intangible fixed assets | 98 | 18 |
Sale of other assets | 2 341 | 22 298 |
(Increase) of investments | (186 004) | (290 860) |
NET CASH FLOW FROM INVESTING ACTIVITIES | (195 816) | (281 877) |
Financing activities | 42 459 | (18 339) |
Increase/(decrease) in borrowings | ||
Increase in subordinated liabilities | 532 | 1 477 |
Capital increase through newly issued shares | - | - |
Increase of share premium reserve of newly issued shares | - | - |
NET CASH FLOW FROM FINANCING ACTIVITIES | 42 991 | (16 862) |
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS | (554 137) | 602 789 |
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF PERIOD | 2 226 780 | 2 017 645 |
CASH AND CASH EQUIVALENTS AT THE END OF PERIOD | 1 672 643 | 2 620 434 |
(signed) | (signed) | |
Nikola Bakalov | Chavdar Zlatev | |
Chief Executive Officer | Executive Director |
(signed)
Yanko Karakolev
Chief Financial Officer
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Disclaimer
First Investment Bank AD published this content on 11 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 August 2023 14:55:04 UTC.