Corporate Commercial Bank's Profit Up by Over 4 Mln Leva in a Month

The profit of Bulgaria's Corporate Commercial Bank () has risen by 4.29 mln leva (2.19 mln euros) in a month, the monthly report of the bank as at April 30 shows. The profit of the lender rose from 9.13 mln leva (4.66 mln euros) as at the end of March 2008 to 13.42 mln leva (6.86 mln euros) a month later.

The balance sheet value of the assets of the bank stood at 1.59 bln leva (813,000 euros) as at April 30. Corporate Commercial Bank's asset value amounted to 1.68 bln leva (859,000 euros) as at March 31, down by 89.26 mln leva compared to December 31, 2007.

The liabilities of the bank amounted to 1.42 bln leva (726,000 euros) as at the end of April. Deposits of companies and individuals with the bank accounted for 1.41 bln leva of the figure.

The bank forecasts 39.24 mln leva (20 mln euros) profit for 2008, which would represent an increase of 1.3 mln leva compared to the estimates in the prospectus for the initial public offering of shares. The profit is expected to reach 57.17 mln leva (29.23 mln euros) in 2009.

The assets of the bank are forecast to amount to 1.96 bln leva at the end of 2008. The management of the bank also targets 2.22% return on assets and 22.16% return on equity as at the end of the year.

A total of 3,895 shares in the bank changed hands on the Bulgarian Stock Exchange (BSE) yesterday. The stock appreciated by 1.32% to an average of 85.04 leva per share.

Photo: Tsevatan Vassilev, Supervisory Board Chairman, Corporate Commercial Bank

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