UBB Books 185.11 Mln Leva Net Profit for 2007

UBB Books 185.11 Mln Leva Net Profit for 2007

United Bulgarian bank (UBB) grossed 205.7 mln leva (105.17 mln euros) profit for 2007, up by 47.1 mln leva (24.08 mln euros), or 29.7%, compared to 2006.

The net profit of the bank for 2007, which amounts to 185,111,282.90 leva (94.64 mln euros), as well as the retained profit from the sale of long-term assets, which stands at 1,096,407.08 leva (560,580 euros), will be allocated to the Reserves Fund, the shareholders of the bank decided at a general meeting.

National Bank of Greece, which is the major shareholder in UBB, will not distribute dividend for the fourth straight year and will reinvest the entire profit in the capital of the bank. Thus, the bank will receive capital support for a strong growth on the market.

UBB's assets went up by 54.7 % to more than 6.1 bln leva (3.11 bln euros) in 2007. Loans to corporate clients and individuals accounted for over 80% of the figure. Corporate loans went up by 93.7 % compared to 2006, while the loans to individuals rose by 69.3 %.

The bank's return on average equity (ROАE) stood at 28.6% in 2007, while the return on average assets (ROAA) amounted to 3.9 %. The benefit-cost ratio of the bank stood at 37.8%.

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