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Bulgarian banks' profit falls 21% in 2010

02. February 2011. | 10:47

Source: Dnevnik

The combined profit of Bulgaria's banking system decreased 21% on the year to BGN 617 million in 2010, data by the Bulgarian National Bank (BNB) showed on Monday.

The combined profit of Bulgaria's banking system decreased 21% on the year to BGN 617 million in 2010, data by the Bulgarian National Bank (BNB) showed on Monday.

The reason for the decline was considerable loan-loss expenses and lower income due to subdued lending.

Impairment costs continued to rise in 2010, reaching BGN 1.317 billion at the end of the year, up by 26.6% compared with 2009. Non-performing loans came in at BGN 6.4 billion, representing 11.9% of banks' total portfolio at the end of December against 10.61% in September and 6.42% at end-2009.

Banks extended loans worth a combined BGN 53.9 billion, up 2.7%, while deposits climbed 3.6% to BGN 63 billion.

The sector's total assets stood at BGN 73.7 billion.

According to the central bank, local banks were able to cover the higher credit risk and the related additional impairment costs thanks to the income generated from core activities. The country's banking system also managed to maintain the accumulated capital buffers in the last quarter of 2010 and to post good financial indicators at the end of the year, the report said.

Six banks booked losses in the period, including the local branches of Greek Alpha Bank and Emporiki Bank, Slovenian NLB Banka, Latvian Regional Investment Bank, Turkish Ziraat Bank, as well as Bulgarian-American Credit Bank.

Banks to report a rise in earnings were Corporate Commercial Bank, Bulgarian Development Bank, Central Cooperative Bank, Societe Generale Expressbank and Postbank.


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