Fibank’s Q2’24 net income fell 47.5% YoY to BGN 22.3m (EPS of BGN 0.15) dragged down by the growth of credit provisions (+76.4% YoY; +BGN 23.2m) to BGN 53.6m and the loss on debt instruments (BGN 14.4m). On the positive side was the 11.6% YoY increase of net interest income to BGN 99.9m as interest income continued to grow faster (in absolute terms) than the interest expenses. Fees & commissions income (+13.7% YoY, +BGN 4.9m) and net trading income (+50.3% YoY, +BGN 2.5m) also increased YoY. Recall that in Q4’23 and in Q1’24 the bank booked respectively BGN 45m and BGN 30m losses with the same description and our guess is that it is related to its corporate bonds portfolio. As a result, total operating income (TOI) added 4.4% YoY to BGN 137.9m. For the 6-months period, TOI was slightly down by 0.9% YoY to BGN 255m as the growth was limited by the BGN 44.8m loss on debt instruments, part of other operating income. Further down, administrative expenses increased 7.5% YoY (+BGN 7.7m) and credit provisions grew 48% YoY (+BGN 29.4m) to BGN 90.8m. As a result, H1’24 net income declined 45% YoY to BGN 41m (EPS of BGN 0.28). Gross loans portfolio grew 10.7% YoY and 1.5% QoQ to BGN 7.9bn as corporate loans grew 11.2% YoY (+0.4% QoQ) while retail loans added 9.8% YoY (+3.7% QoQ). NPL’s were virtually flat over the quarter with ratio at 16.8% of gross loans and 13.4% (based on loans & advances according to EBA definition) while 90-days past due loans decreased 9% QoQ to 7.9% of gross loans. The total capital ratio (22.27%) and CET 1 ratio (18.91%) increased after the inclusion of 2023 profit in the capital base.