Bulgarian National Bank Warns Against Proposed Excess Profits Tax on Banks
The Bulgarian National Bank (BNB) has voiced strong opposition to a proposed 10% tax on banks' excess profits, citing concerns that it would destabilize the financial sector
Bank Proceeds In Bulgaria Continue To Drop, System Remains Profitable
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Photo: BGNES
The profits of Bulgaria's banks in September continues to drop, shows data for Q3 2014 of the Central bank (BNB).
Twenty-seven banks had a total of BGN 57.9 M in the end of September, BGN 66.2 M in the end of August and BGN 80.6 M in the end of July.
Five banks reported losses as of the end of September – Piraeus, Tokuda, Bulgarian-American Credit Bank, T.C. Ziraat Bankasi Sofia and Isbank Sofia, reports Capital Daily.
Since the beginning of the year the banks in Bulgaria accumulated profits of BGN 613.4 M, which is by 40.5% more than in the first three quarters of 2013.
The BNB calculations do not include the results of troubled Corporate Commerical Bank (KTB) and Bank Victoria (formerly Credit Agricole Bulgaria) who have been placed under conservatorship in the end of June and the results of MKB Unionbank, which merged with FiBank in March 2014.
Since the end of 2013 Bulgaria's banking sector reports annual growths of profits. Since January 2014 they are two-digit.
The assets in the system as of the end of Q3 2014 reached BGN 81.7.
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