Bulgarian-American Credit Bank Posts 51.1 Mln Leva 2007 Non-Consolidated Profit

Bulgarian-American Credit Bank Posts 51.1 Mln Leva 2007 Non-Consolidated Profit

According to unaudited data, Bulgarian-American Credit Bank posts net non-consolidated profit in the amount of 51.100 mln leva (26.075 mln euros) for 2007, the bank said today. This means earnings grew 51.7% against 2006, when they stood at 33.686 mln leva (17.223 mln euros).

2007 consolidated net profit rose 55.6% to 53.114 mln leva (27.156 mln euros), according to the unaudited data. In 2006 the bank reported 34.140 mln leva (17.455 mln euros).

The 55.6% hike in net profit is largely attributed to the increase in the bank's credit portfolio, to maintaining the interest rates margins and to low costs. Operating profit rises 55.2% y/y. The quality of the credit portfolio remains very high, the bank has spent 2.8 mln euros on provisions as a precaution measure, a letter to the shareholders explains today.

Net revenue from interest rates stood at 35.22 mln euros last year, versus 24.379 mln euros in 2006. Other revenues came to 3.881 mln euros, which is almost 1.3 mln euros up from 2006.

Operating revenue thus grew to 39.101 mln euros, against 26.938 mln euros last year. Operating costs stood at 6.103 mln euros, compared with 5.259 mln euros in 2006.

Assets rose 44% year-on-year to 357.756 mln euros at the end of 2007.

In 2007 the bank's credit portfolio grew 56.1% to 301.7 mln euros, and the bank expects the figure to grow considerably.

The total capital adequacy ratio stood at 15.48% on December 31, which way above the 12% requirement of Bulgarian National Bank.

The stock rose 0.05% to an average of 75.19 leva at a turnover of 1.050 shares. Bulgarian-American Credit bank is one of the few rising issues on BSE this week, adding 0.25%.

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