Fibank – 2025 Q3 individual results review

First Investment Bank AD

Q3 2025 Individual Results

• Fibank’s Q3 2025 unconsolidated net profit increased by 69% YoY to EUR 68m. This happened after 3.5% YoY growth in Net Interest Income to EUR 167m and the 6.7% increase in the Net fee and commission income to EUR 66.5m.
• While Net Income increased massively, it is not indicative of the way operations have gone for the last year. Total income from banking operations decreased by 1.9% to EUR 204.4mln and changes in Other Net Operating Income, Other Net Expenses and Allowance for Impairment resulted in the significant change of Net Income.
• Other Net Operating Income (which is negative) increased in nominal terms by 48% to EUR 38.5mln. The change came from increase in the negative value of held debt instruments. This is likely the result of the bond from SG Group, which the bank held and which we have discussed in earlier analysis.
• Allowance for Impairment recorded changes in receivables from clients, which resulted in a decrease in Impairment of EUR 7.8mln.
• Other Net Expenses recorded a massive change going from negative EUR 5.1mln to positive EUR 28.2mln, which was solely the result of reevaluation of investment properties. Without just this change, Net Profit would be down by 14% to EUR 34.6mln.
• Gross loans portfolio added 2% to EUR 4.54bn. The greatest contributor were corporate loans, which added EUR 295.4mln. Large corporates grew 18.3% to EUR 1,501mln and SME’s grew 5.9% to EUR 1,136mln. Clearly, however, there was a focus on retail lending, which helped keep the Net Interest Margin the second highest among all banks. Consumer loans increased 27.2% to EUR 814mln and Mortgages increased 25.3% to EUR 893mln. Considering FED’s resistance to rate decreases, which transfers to EU markets, the times of higher rates will continue, which is likely to benefit the loan portfolio and growth strategy of Fibank

Full report can be downloaded here.