Bulgaria's Fibank Grows 2018 Profit on Asset Sales, Shares Jump

Bulgaria's Fibank Grows 2018 Profit on Asset Sales, Shares Jump

Bulgaria's First Investment Bank (Fibank) said its individual net profit rose in 2018 by 83% to 156.6 million levs ($92 million/80 million euro) on the back of a sizable increase in revenue from asset sales. Fibank disclosed the information in its 2018 unaudited annual financial report released after the Bulgarian Stock Exchange closed for trading on Wednesday. In a separate filing on Wednesday, Fibank said that it has leased a "significant part" of the site of bankrupt steel mill Kremikovtsi to a unit of Austria's Soravia Group. The lender's shares rose 13.24% to 3.85 levs in early trade on Thursday.

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