Central Cooperative Bank Books 6.7 Million Leva Q1 Profit

Central Cooperative Bank Books 6.7 Million Leva Q1 Profit

Central Cooperative Bank () ended Q1 at a profit in the amount of 6.71 mln leva (3.42 mln euros), which is up 7% compared with the respective period in 2007, the bank's report filed with BSE revealed.

Assets are up 25% y/y to 1.583 bln leva (809 mln euors) at the end of 2008.

During quarter 1, the bank transferred receivables (credit agreements with related parties) for the amount of 21.43 mln leva (10.9 mln euros) and balanced value of 11,331 leva to Finance Consulting. The cession price stood at 20 mln leva.

Revenues from interest rates in the period stood at 25.39 mln leva (12.9 mln euros), costs related to interest rates stood at 10.42 mln leva (5.32 mln euros). Revenues form fees and commissions came to 5.74 mln leva (2.9 mln euros).

Central Cooperative Bank acquired 136,658 shares in the capital of Skopje-based Silex Bank during the period, which is 62.57% of the voting capital. Thus, CCB upped its stake in the Macedonian bank to a total of 171,658 shares or 78.6% of the voting power. The total cost of the investment stands at 26.5 mln leva (13.5 mln euros).

The stock rose 1.22% to 4.98 leva today on BSE at a turnover of 2,010 shares.

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