January 30 (SeeNews) - Sofia-based Bulgarian-American Credit Bank, or BACB, [BUL:BACB] said on Monday that its consolidated net profit rose to 42.3 million levs ($23.5 million/21.6 million euro) last year from 18 million levs in 2021 on higher income.
The bank’s total net operating income amounted to 71.7 million levs in 2022, up from 60.6 million levs in 2021, BACB said in a financial statement.
Interest income went up by 12.7% to 56.2 million levs last year, while net commission and fee income rose by 3.2 million levs to 14.85 million levs.
The bank's impairment charges decreased by 3.3 million levs compared to the same period in 2021, reaching some 5.57 million levs. At the same time, personnel costs grew by 1.5 million levs to 14.2 million levs, while administrative expenses climbed 4.6% to 15.9 million levs at the end of 2022.
Loans and advances to customers increased to 1.38 billion levs at the end of December from 1.25 billion levs at the end of the year prior. Meanwhile, clients’ deposits rose to over 2.3 billion levs from 1.91 billion levs.
BACB’s total assets amounted to 2.66 billion levs at the end of 2022, up from 2.2 billion levs at the end of 2021.
On December 23, BACB issued a seven-year unsecured bond worth 15 million euro ($16.3 million).
The bank was Bulgaria's 12th largest lender by assets at the end of September, according to latest central bank data.
BACB has two wholly-owned subsidiaries and holds a 50% stake in a company where the other owner is BACB's largest shareholder, private investment firm CSIF.
Shares in Bulgarian-American Credit Bank last traded at 5.90 levs on the BaSE market of the Bulgarian Stock Exchange, bourse data showed.
(1 euro = 1.95583 levs)
Bulgarian-American Credit Bank AD is among the biggest banks in SEE, for more reference take a look at Top 100 banks