Bulgarian-American Credit Bank Posts Consolidated January-September Profit At 38.33 Mln Leva

Net profit of CB Bulgarian-American Credit Bank ()  stands at 38.330 mln leva (19.598 mln euros), according to consolidated unaudited data from September 30. This is approximately 58.1% more than the 24.244 mln leva (12.395 mln euros) posted for the same period a year ago.

Non-consolidated profit stands at 36.756 mln leva (18.793 mln euros), according to unaudited data from September 30, 2007. This is 2.91 leva/share, and 51.7% more than a year ago (24.234 mln leva, 12.390 mln euros).

Return reached 40.5%. Aftertax profit and return on assets are both on or above estimates.

The credit portfolio surged 42% over the period and reached 274.4 mln euros as a result of new credits in the amount of 117 mln euros. The credit portfolio has added 52.9% y/y.

Analysts' expectations are positive and a further growth of the credit portfolio is expected. Procedures for new credits in the amount of 58.6 mln euros are currently on their way.

In August the Bulgarian National Bank raised the minimum required reserves from 8% to 12% of the amount of given credits. This measure was aimed at slowing down crediting, which is increasing at an annual rate of 30 – 40%. According to the management poses no threat for the bank's competitiveness.

According to consolidated data from 30 September, the bank's total capital adequacy stands at 16.58%, which is considerably above the 12% required by Bulgarian National Bank.

1,110 shares changed hands on BSE today at an average of 84.84 leva, which values the bank at 1.07 bln leva (547.082 mln euros).

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