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Bulgarian-American Credit Bank boosts 2018 net profit 60% on higher revenue

Bulgarian-American Credit Bank boosts 2018 net profit 60% on higher revenue wrangler/Shutterstock.com

SOFIA (Bulgaria), January 30 (SeeNews) - Bulgarian-American Credit Bank [BUL:5BN] said on Wednesday that its consolidated net profit rose by an annual 60.3% to 12.6 million levs ($7.3 million/6.4 million euro) in 2018, following a rise in revenue.

The lender's net interest income grew to 35.4 million levs in 2018 from 28.8 million levs the year before, figures from Bulgarian-American Credit Bank's annual financial report showed.

Net fee and commission income increased to 6.9 million levs last year from 5.8 million levs in 2017.

The bank's administrative expenses rose to 26.8 million levs in 2018 from 23.3 million levs a year earlier, while financial assets depreciation fell to 3.7 million levs from 5.0 million levs.

Bulgarian-American Credit Bank was Bulgaria's 16th largest lender by assets at the end of November, according to central bank data.

(1 euro = 1.95583 levs) 

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