Bulgarian-American Credit Bank Nets Q1 Profit in the Amount of 14.7 Million Leva

Bulgarian-American Credit Bank Nets Q1 Profit in the Amount of 14.7 Million Leva

The consolidated Q1 profit of CB Bulgarian American Credit Bank Jsc stands at 14.739 million leva (7.5 mln euros) or 1.17 leva per share, according to the unaudited report. This is a hike of 29.3% y/y.

Credits grew by 5.1% since the beginning of the year to 620.5 million leva (317 mln euros).

On 31 March 2008 return on capital stood at 36.2%, which is 38.8% down from last year. The bank reports additional expenses in the amount of 1 mln leva.

BACB's capital adequacy coefficient is 14.03%.

The non-consolidated results were also released today. They point at a 34.3% hike in profits to 14.519 mln leva (7.4 mln euros) in Q1.

BACB has made an agreement with a syndicate of nine banks for a syndicated loan in the amount of 32 mln euros. The bank will use the funds to finance its activity. The loan maturity is two years.

The supervisory board will make a proposal to allocate 18.94 mln leva, 9.6 mln euros (1.5 leva/share) of 2007 earnings for dividend distribution. The proposal is to be voted by the general meeting of shareholders.

At the end of February Bulgarian-American Investment Fund (BAIF) sold 49.99% of the capital (6,311,000 shares) in the bank to Allied Irish Banks, plc.

BAIF will pocket 216 196 551.85 euros from the deal (67 leva per share).

Just 5 shares changed hands today on BSE at an average of 68 leva.

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