Household deposits increased by BGN 4 B on the year in February 2013, according to reports of Bulgarian National Bank (BNB). Photo by BGNES
Household deposits increased by BGN 4 B on the year in February 2013, according to reports of Bulgarian National Bank (BNB).
According to BNB statistics, as cited by mass circulation daily 24 Hours, household deposits increased from BGN 32.5 B in February 2012 to BGN 36.53 B in February 2013.
Despite the new 10% tax on interest earned on bank deposits, which entered into force in January 2013, deposits of natural persons increased by BGN 496 M in February 2013, against the backdrop of an increase of BGN 826 M in attracted funds from all sources.
Funds from institutions other than credit ones increased by BGN 200 M, while those
from credit institutions by BGN 125 M.
Total assets of the system increased by 1.1% (BGN 900 M) to BGN 82.9 B.
Securities investments grew by 18.6% (BGN 1.3 B), mostly due to Bulgarian government securities held for trading and available for sale.
Gross loans (excluding those to credit institutions) declined by BGN 298 M (0.5%) to BGN 57.4 B, largely due to a BGN 243 M reduction in the corporate segment.
Other loan portfolio items also registered a monthly drop in February 2013.
The decrease in loans to households was partly caused by sales throughout the month.
At the end of February the balance sheet capital of the system was BGN 10.9 B, up by BGN 39 M (0.4%) due to higher current year income and growth in issued capital.
The end-of-month profit of the banking sector amounted to BGN 111 million that is BGN 48 million higher than in January.
The accumulated impairment for the first two months of the year was BGN 151 M, i.e. lower than the respective amount for the same period last year.
In February, the realized net interest income was BGN 195 M, and from fees and commissions - BGN 69 M.
The end-of-month profit of the banking sector amounted to BGN 111 M, up by BGN 48 million from January.