Corporate Commercial Bank To Allocate 2007 Profit To Reserves

Corporate Commercial Bank To Allocate 2007 Profit To Reserves

Corporate Commercial Bank has appointed a general meeting of shareholders on 27 May 2008, BSE informs.

Shareholders will vote a proposal to allocate 2007 income to the Reserves Fund.

Net income last year came to 23.148 mln leva (11.8 mln euros), or 4.14 leva per share. This is 3.5 times higher than 2006 earnings and 2.2 times above 2006 profit per share.

Revenues total 52.495 mln leva (26.8 mln euros), which is a hike of 69.7% compared with 2006 (21.557 mln leva, 11.02 mln euros). Revenues from interest rates (20.581 mln leva, 10.5 mln euros) accounted for 95.5% of the total figures.

Non-interest revenues are growing at a slower pace (by 7% y/y) and account for 28.6% of all revenues, compared with 45.3% in 2006.

Corporate Commercial Bank is mainatining a stable growth pace. On December 31, 2007 assets amounted to 1.771 bln leva (905 mln euros), which is 76.2% up from the figures ta the beginning of the year.

The banks ranks tenth among in Bulgaria in terms of assets, according to the Bulgarian National Bank (in 2006 the bank was 13th). Its assets account for 3% of the total assets of the banking system in the country, versus 2.38% in 2006.

1,263 shares changed hands on the position today on BSE at prices between 84.77 and 85 leva apiece.

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