Bank Proceeds In Bulgaria Continue To Drop, System Remains Profitable

Business » FINANCE | November 4, 2014, Tuesday // 13:10
Bulgaria: Bank Proceeds In Bulgaria Continue To Drop, System Remains Profitable 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.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

Finance » Be a reporter: Write and send your article
Tags: banking sector, profits, banks, BNB, KTB, FIBank

Advertisement
Advertisement
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria