Sofia, Bulgaria-based First Investment Bank, also known as Fibank, has built up the needed capital buffer that was outlined and required by the BNB in Europe.
The bank reached this goal by the end of the first quarter, according to a recent news release from Fibank. The bank reportedly built up the $118 million capital buffer needed and will soon be implementing the BNB recommendation from the asset quality review and accompanying stress test, according to the release.
The bank says its consolidated audited financial statements from last year show pre-tax, pre-provision profit gains are solid and reached $152 million. The bank attributed the growth to more efficient management of assets and liabilities. Provisions in that year were allocated to around $89 million.
The bank needed to show they were in compliance with International Accounting Standards (IAS) and the International Financial Reporting Standards (IFRS).
About $56 million generated after-tax profit will be capitalized, according to the bank.