Ex-Bulgarian Top Cop Becomes Bank Security Chief
Bulgaria's former Chief Secretary of the Interior, Kalin Georgiev, has been hired as Security Chief of the Bulgarian-American Credit Bank, BACB.
Bulgarian commercial lender Bulgarian American Credit Bank (BACB), has reported a 23,4% decrease in profits year on year.
BACB announced a net profit of EUR 12,1 M for the six months to the end of June. In 2008 their consolidated net profits were EUR 15.8 M, reflecting higher impairment provisions and lower fee and commission income.
A deterioration in loan quality has seen the bank increase its impairment provisions to EUR 5,3 M and said during the first half of the year loans in arrears over 90 days had increased from 5,8 % to 9,4 %.
BACB said negative global economic developments had continued to affect the Bulgarian economy during the second quarter "resulting in a visible impact on the bank's clients".
Earlier this month Standard and Poor's lowered BACB's long term credit rating to BB- from BB+, reflecting the increased economic risks to the Bulgarian economy.
BACB said if loan quality continues to deteriorate it will be forced to increase its provisions for impairments.
The bank stated that it was reliant on wholesale funding and has experienced rising costs in this area due to a lack of liquidity. In this context the bank said it is looking to broaden its sources of funding.
The bank added that it was operating efficiently despite a one percentage point increase in its cost to income ratio to 14,9%.
Allied Irish Bank purchased a 49,99% stake in BACB for EUR 216 M in cash in February 2008 as part of its expansion into Europe.
BACB was set up in 1991 as part of an initiative by the US Congress to encourage investment in Bulgaria and listed in 2006.
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