Bulgarian-American Credit Bank Reports 31 Million leva Profit In H1

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Bulgarian-American Credit Bank Reports 31 Million leva Profit In H1

Bulgarian-American Credit Bank posts profit in the amount of 30.964 mln leva (15.8 mln euros) in H1 this year. Assets are up to 780.1 mln leva (398.9 mln euros) and the net amount of credits given to clients came to 652 mln leva (333.5 mln euros).

Net profit is up 25.4% compared with the corresponding period a year agi (23.612 mln elva), in spite of the lower interest margin. Operating profit rose 28.2% y/y.

The bank's costs to revenues ratios is down to 13.8%.

The coefficient of total capital adequacy stood at 17.6% on consolidated basis, according to the Bazel II standards, and significantly above the requirements of the Bulgarian National Bank (12%).

The bank's high profitability results from the rising demand for credits from the fast developing sector of small and medium businesses in Bulgaria, which is a priority sector for the bank.

The credit portfolio soared 36.8% y/y and it is expected to grow even further with pending loans being at 61 mln euros as at June 30.

There have been no transactions involving the bank's stock on BSE so far today. Bids/asks are at 61/62 leva/share.

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