Corporate Commercial Bank's 2007 Profit Rises to 23 Mln Leva

Corporate Commercial Bank's 2007 Profit Rises to 23 Mln Leva

Corporate Commercial Bank () posted net profit in the amount if 23.177 mln leva (11.850 mln euros), up 3.5 times compared with last year (6.544 mln leva, 3.345 mln euros), the bank said today.

On December 31 assets stood at 1.77 bln leva (904.98 mln euros), which is 76.2% up from a year ago (766.56 mln leva, 391.93 mln euros).

The bank's own capital rose more than twice to 156.11 mln leva (79.817 mln euros), which is mainly due to the IPO filed in Spring 2007 with proceeds coming to 58.5 mln leva (29.910 mln euros).

2007 credit portfolio came to 750 mln leva (383.468 mln euros), which is nearly twice the 2006 figures and accounts for 42.3% of assets.

The bank has attracted some 1.587 bln leva (811.42 mln euros) from customers, which is 71% up y/y.

Regarding the current global economic processes and as a measure for additional security, on December 31 the bank set aside additional reserves in the amount of 4.97 bln leva (2.541 bln euros) to compensate losses that might occur from devaluation of current credit expositions.

Corporate Commercial Bank has a core capital in the amount of 6 mln leva (3.067 mln euros). Main shareholder is Bromak, which controls 57.79%.

Bids are currently at 85.07 leva and asks at 86.95 leva.

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