Piraeus Bank Bulgaria Books 45.9 Mln. Leva Net Profit

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Piraeus Bank Bulgaria Books 45.9 Mln. Leva Net Profit

Piraeus Bank Bulgaria booked 45.9 million leva net profit for 2009, as well as growth in all business segments and strengthening the position of the bank, despite the economic situation in the country.

The total assets of the bank stood at 3.6 billion leva at year end, confirming the position of one of the leading financial institutions among top ten commercial banks in Bulgaria.

Deposits grew by 3% reaching total of 1.3 billion leva and the biggest growth is in the retail area, where the newly attracted funds reach 144 million leva. The net interest income of the bank stood at 135 million leva.

Piraeus Bank's network expansion continued in 2009. The bank opened 7 new branches and 2 dedicated Business Centers in the cities of Sofia and Varna. The total network of the bank now reaches 101 branches nationwide, covering all strategic towns.

The key performance indicators of the bank remain stable and well above the market average. Non-performing loans at the end of 2009 remain almost flat at 2.4%, compared to 1.1% at the end of 2008. Return on Equity (ROE) stands at 9.4% at the year end, Return on Assets (ROA) is 1.2% and the cost/income ratio decreased to the level of 42.9%.

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