Corporate Commercial Bank Investors Required to Subscribe at Least 25 Shares

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Corporate Commercial Bank (CCB) plans to auction 1 mln shares with a face value of 10 leva/each. The issue will be a result of the bank’s capital increase from 50 mln leva to 60 mln leva.

The offered shares will be divided into two types of orders - limited and market, where limited orders will account for 30% of all offered shares (300,000 shares), and market orders will account for the remaining 70% (700,000 shares).

A limited order is an order for the purchase of shares at a certain price, which cannot be lower than the minimum issue value set by decision of the General Meeting (45 leva). The maximum price, at which shares can be acquired, is 58.50 leva - a price not exceeding the minimum issue value by 30%.

The auction will take place on 19 May between 9:00 AM and 16:00 PM. One person can buy and pay no less than 25 shares and no more than 250,000 shares of the bank.

Financial Performance:

Corporate Commercial Bank AD posted a net profit of 6.544 mln leva or 1.84 leva/share last year. This represents a 49.5% increase from 2005 and a 6.2% or 0.11 leva increase per share.

Net revenues reached 30.938 mln leva last year compared to 23.654 mln leva in 2005 and 19.553 mln leva in 2004.

The bank’s total assets increased 92% (481.701 mln leva) to 1.006 bln leva last year ranking CCB 13th (from 16th in 2005) in BNB’s rating of banks in terms of assets. Its assets account for 2.38% of all assets in Bulgaria’s banking system last year compared to 1.59% a year ago.

Corporate Commercial Bank AD is specialized in corporate clients mainly. Its share in the corporate credit market remained unchanged last year at 98.4% with an absolute amount of 376.533 leva increasing 115.559 mln leva or 44.3% from 2005.

Its securities portfolio accounts for an insignificant part of its assets - 5.1% as of 31 December 2006 amounting to 51.033 mln leva. It increased 19.338 mln leva or 61.0% in absolute amount from 2005.

Forecast:

Corporate Commercial Bank AD expects its assets to reach 1.171 bln leva in the end of this year versus 1.006 bln in 2006. Over the next two years assets are expected to grow to 1.698 bln leva in 2008 and 2.207 bln leva in 2009.

Total revenues in 2007 are to reach 87 mln leva. They are expected to increase 43.3% to 125.071 mln leva next year. In the end of 2009 assets are expected to hit 168 mln leva.

Net profit this year is forecast to increase to 21.7 mln leva. The bank expects it to grow to 37.9 mln leva in 2008, and 54.4 mln leva in 2009.
 

Thousands BGN31.12.2007 31.12.2008 31.12.2009
Assets1 171 0691 698 0502 207 465
Equity146 893184 830239 331
Revenues87 280125 071167 889
Net Income21 73337 93754 500

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