BNF Bank announced a robust financial performance for the year 2023, recording a profit before tax of €13.0 million – a 6.75% increase over 2022.
Higher profitability in 2023 was primarily due to increased net interest income of €32.5 million (2022: €25.8 million). In addition to net interest income, net fees and commission income and other ancillary income contributed to a net operating income for 2023 of €36.2 million (2022: €30.1 million). The Bank’s cost-to-income ratio reflects the technology investment the Bank is undergoing, which will be in the Bank’s long-term financial interest. The cost-to-income ratio stood at 65.1% for 2023 (2022: 61.7%). In 2023 the Bank wrote back expected credit losses (‘ECL’) of €0.4 million (2022: ECL write-back of €0.7 million).
