Bulgaria's ITF net profit surges in 2022

SOFIA (Bulgaria), January 27 (SeeNews) - Bulgarian financial services company ITF Group [BUL:ITF] reported on Friday a net profit of 1.12 million levs ($621,400/572,700 euro) for 2022, up from 205,000 levs in 2021.

ITF Group's revenue increased to 10.6 million levs last year from 6.07 million levs a year earlier, the company said in a financial statement.

Interest income more than doubled to 736,000 levs from 302,000 levs.

According to the financial statement, ITF’s operating expenses grew to 8.13 million levs in 2022 from 5.07 million levs a year earlier as costs for external services widened to 1.29 million levs from 635 million levs.

Looking ahead, ITF said its long-term goal is to increase its share on the Bulgarian market.

In December, the company raised3.01 million levs in an initial public offering (IPO).

As at CET 1454 on Friday, shares in ITF traded 7.61% lower at 4.25 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)