Fibank’s Q3’24 net income dropped by 29.7% YoY to BGN 37.7m (EPS of BGN 0.25) as the negative impact came from the growth of credit provisions (+66% YoY; +BGN 20.2m) to BGN 53.6m and the loss on debt instruments (BGN 14.4m). Positively affecting the profitability were the growth by 15.9% YoY of net interest income and by 7.9% of net fees & commissions income. Recall that in Q4’23 and in H1’24 the bank booked respectively BGN 45m and BGN 44.8m losses with the same description and our guess is that it is related to its corporate bonds portfolio. Total operating income (TOI) added 1.7% YoY to BGN 152.2m. For the year-to-date period, TOI was flat YoY at BGN 407.3m as the BGN 59.2m loss on debt instruments, part of other operating income, erased the positive effects from net interest income, net fees & commissions income and net trading income. Below the TOI line, administrative expenses increased 8.1% YoY (+BGN 12.5m) and credit provisions grew 54% YoY (+BGN 49.7m) to BGN 141.7m. As a result, 9m’24 net income declined 38.6% YoY to BGN 78.7m (EPS of BGN 0.53). Gross loans portfolio increased 7.3% YoY and 0.6% QoQ to BGN 7.9bn as corporate loans added 4.6% YoY (-1.7% QoQ) while retail loans grew 12.5% YoY (+5.0% QoQ). NPL’s increased by 5.4% over the quarter with ratio at 17.5% of gross loans and 14.1% (based on loans & advances according to EBA definition) while 90-days past due loans decreased 6.2% QoQ to 7.4% of gross loans.