UBB Posts 167.5 Mln Leva Gross Profit for 2006
The gross pretax profit posted by United Bulgrian Bank for 2006 is in the amount of 167.5 mln leva. Compared with 2005 the bank's profit is up 59.7 mln leva which is an annual growth of 55%.
At their general meeting the bank's shareholders decided that net profit for 2006 in the amount of 142 602 882.04 leva together with undistributed profit from the sale of long term assests in the amount of 760 248.51 leva shall go to the Reserves Fund.
For a third consecutive year the bank's principal shareholder – The National Bank of Greece decided not to distribute dividend but to reinvest profit into the bank's capital. In 2006 the bank retained its leading position in the field of corporate banking in the private sector and second position in the field of small banking in the country.
In 2006 return on average equity (ROАE) reached 27.8% and return on avearge assets (ROАА) stood at 3.6%.
Also in 2006 UBB offered for the first time in Bulgaria the product of integrated bankassurance via two companies for life and general insurance which the bank founded in cooperation with the biggest insurance company in Greece Ethniki Insurance and the global leader on the insurance market – the American International Group.