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.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
According to Dimitar Radev, the Governor of the Bulgarian National Bank (BNB), Bulgaria will not meet all the requirements for joining the Eurozone by the time the convergence report is released in June
The Bulgarian National Bank (BNB) has initiated a trial minting process for 8 million euro coins, as announced by BNB Governor Dimitar Radev during a conference on the euro's introduction
A recent national survey conducted by the Market Links agency reveals that nearly half of Bulgarians, constituting 47% of respondents, hold reservations regarding the anticipated benefits of Bulgaria's adoption of the euro
Bulgaria's aspirations to become the 21st member of the Eurozone have sparked discussions regarding the country's economic readiness, as well as its political and institutional preparedness
The European Central Bank (ECB) has weighed in on Bulgaria's draft Law on the adoption of the euro, signaling the need for revisions to ensure alignment with European regulations
A wave of misinformation regarding Croatia's inflation rates has sparked concerns about the potential consequences of adopting the euro in Bulgaria
Sofia Airport's Terminal 3 Construction Set to Begin in Early 2026
COVID-19 Impact: Bulgaria's Grim Milestone as Highest Death Rate in EU