CB Investbank Posts 2.733 Mln Leva Profit For 1Q

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CB Investnabk posted net profit in the amount of 2.733 mln leva for 2007 first quarter compared with 324,000 leva for the respective period last year, the website of the Bulgarian National Bank reports.

Revenues from interest payments and dividends amount to 8.458 mln leva against 4.484 mln leva for 2006 1Q. Revenues from fees and commissions stand at 2.071 mln leva.

Investbank has generated 520.417 mln leva since the beginning of he year and credits and advance payments stand at 295.068 mln leva. Credits in the amount of 194.706 mln leva have been given to corporate clients of the bank and 51.444 mln leva have been given to corporate institutions.

Towards end of March the bank's assets stand at 563.832 mln leva, up from 288.461 mln leva a year ago.

At a general meeting held 7 June the bank's shareholders approved a proposal for capital increase from 32 322 584 leva to 62 046 584 leva through the issuance of 29 724 000 common, registered, paperless shares with a face and emission value of 1 lev.

The capital icrease is in complianace with art.195 of the Commercial Law (according to which capital may be increased when shares are purchased by certain people at certain prices or in exchange for the company's bonds), the new shares will be subscribed by Festa Holding AD after approval form Bulgarian National Bank, Petya Ivanova – Slavova and Ekip7 AD is granted.

Shareholders also authorized the Board of Directors to list the company as a public company in compliance with the Law On The Public Offering of Stock after the capital increase is filed with the commercial register.

Festa Holding controls 86.84% of the company's capital and Vinkom has 11.83%.

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