Annual Report 2013
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Annual Report 2013 WorldReginfo - 6cdb215a-8a37-4a8a-a6c2-ad76c9a3e903 WorldReginfo - 6cdb215a-8a37-4a8a-a6c2-ad76c9a3e903 There are many reasons to be proud of our bank. Having started with fewer than 30 employees, today Fibank has a staff of over 3500; With assets exceeding BGN 8.5 billion, Fibank is the third largest in Bulgaria; The Bank preferred by the population: second in terms of savings; Supporting good projects: fourth in terms of lending; Among the leaders in information technology, cards and international payments; Innovative, dynamic, having its own image and a brand for superior quality of service to every one of its over 1 million clients. This is First Investment Bank today. 20 years is both a long and a short time. Years of development, of creation and successes, of obstacles overcome, of growth. Years in which we accumulated knowledge and experience, competed with our rivals, overcame the challenges of the external environment with professionalism and responsibility and went on even stronger, more knowledgeable and confident. We proved that a Bulgarian brand can compete with the best in the industry. We are proud of our achievements. This is an important stage in the history of First Investment Bank which proves the significance and contribution of our bank to the development of modern banking in Bulgaria in line with global trends and best practices. Today we look to the future with the same optimism that inspired the founders of our bank 20 years ago. We will devote all our faith, energy and competence to continue its successful development. WorldReginfo - 6cdb215a-8a37-4a8a-a6c2-ad76c9a3e903 ANNUAL REPORT 2013 Development Assets Loans Deposits 8,778 6,021 7,536 CARG: 13.1% CARG: 13.8% CARG: 20.4% 7,050 6,190 4,540 4,201 2,778 in BGNin million BGNin million BGNin million 2,475 2007 // 2012 2013 2007 // 2012 2013 2007 // 2012 2013 Total assets Loans Deposits Tier 1 Capital Capital Base Total Group Equity 904 CARG: 20.6% 843 CARG: 14.3% CARG: 13.4% 693 639 505 555 405 in BGNin million BGNin million BGNin million 326 274 2007 // 2012 2013 2007 // 2012 2013 2007 // 2012 2013 Tier 1 capital Capital base Total Group equity Group Profit After Tax Income from Banking Operations Branches 221 CARG: 23.9% CARG: 6.8% 290 CARG: 9.7% 185 240 162 195 127 in BGNin million BGNin million numbers in 51 31 2007 // 2012 2013 2007 // 2012 2013 2007 // 2012 2013 Group profit after tax Total income from banking operations Branches WorldReginfo - 6cdb215a-8a37-4a8a-a6c2-ad76c9a3e903 2 ANNUAL REPORT 2013 Table Of Contents Message from the Managing Board .....................................4 Remote Banking ............................................................43 Managing Board ....................................................................6 Virtual Banking Branch (e-fibank) ............................43 Macroeconomic Development ..............................................8 Telephone Banking – The Banking System ........................................................... 12 *bank (*2265), 0700 19 599 ..................................44 Mission ................................................................................15 My Fibank ................................................................44 Growth ................................................................................15 Information Technologies ....................................................44 Bank Profile .........................................................................16 Corporate Governance ........................................................45 Corporate Status ...........................................................16 Human Capital .....................................................................47 Participations and Memberships ..................................16 Remuneration Policy .....................................................48 Market Position ............................................................. 17 Social Responsibility ...........................................................49 Market Share ................................................................. 17 Business Structure ..............................................................50 Correspondent Relations .............................................. 17 Supervisory Board .........................................................51 Branch Network ............................................................ 17 Managing Board ............................................................52 Subsidiary Companies...................................................18 Business Overview .............................................................53 Awards 2013 .................................................................19 Retail Banking................................................................53 First Investment Bank: Dates and Facts .............................19 Deposits ..................................................................53 Highlights 2013 ...................................................................22 Loans .......................................................................53 Key Indicators ......................................................................26 Card Payments ........................................................54 Ratings ..........................................................................27 Gold and Commemorative Coins ............................55 Financial Results .................................................................27 Private Banking .......................................................56 Balance ................................................................................30 Corporate Banking.........................................................56 Loan Portfolio ......................................................................31 Deposits ..................................................................56 Loans .............................................................................31 Loans .......................................................................57 Related Party Transactions ...........................................33 Corporate Banking ..............................................57 Commitments and Contingent Liabilities ......................34 Sme Lending ......................................................58 Attracted Funds ...................................................................34 Microlending .......................................................59 Capital .................................................................................36 Europrograms ..........................................................59 Risk Management ...............................................................38 Payment Services ...................................................60 Collective Risk Management Bodies ............................38 International Payments ...........................................60 Credit Risk .....................................................................39 Capital Markets .......................................................61 Market Risk ...................................................................40 Subsequent Events .............................................................62 Liquidity Risk .................................................................40 Consolidated Financial Statements Operational Risk ............................................................ 41 as at 31 December 2013 Risk-Weighted Assets ................................................... 41 with Independent Auditor’s Report Thereon ......................63 Internal Capital Adequacy Analysis ..................................... 41 Fullfilment of the Goals For 2013 ...................................... 118 Distribution Channels ..........................................................42 Goals for Development During 2014 ................................. 119 Branch Network ............................................................42 Other Information ..............................................................120 Contact Centre – *bank (*2265), 0800 11 011..............43 Members of the Supervisory Board ...........................120 Corporate Blog ..............................................................43 Members of the Managing Board ...............................122 Sales ..............................................................................43 Contacts ............................................................................ 124 WorldReginfo - 6cdb215a-8a37-4a8a-a6c2-ad76c9a3e903 3 ANNUAL REPORT 2013 Message from the Managing Board Dear shareholders, clients and colleagues, 2013 was a year of strengthening the positions and progress of First Investment Bank AD /Fibank/. Important steps were taken towards implementing our strategic goals and mission: to be one of the best banks in Bulgaria. During the year, the acquisition was successfully completed of 100% of the capital of MKB Unionbank EAD from the Hungarian MKB Bank Zrt. This was the most significant operation of such a type in the Bulgarian banking market in recent years. With the consolidation and development of best practices and know-how of both institutions, new opportunities for banking and even wider access to banking services opened up to customers. First Investment Bank achieved financial benefits from the synergy effects and affirmed its position as one of the leading banks in Bulgaria and the largest with Bulgarian