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Bulgarian Development Bank boosts 9-mo net profit, interest income

Author Mario Tanev
Bulgarian Development Bank boosts 9-mo net profit, interest income wrangler/Shutterstock.com

SOFIA (Bulgaria), November 12 (SeeNews) - State-owned Bulgarian Development Bank (BDB) said that its net profit rose to 22 million levs ($12.4 million/11.2 million euro) in the first nine months of the year from 14.9 million levs in the same period of 2018, backed by higher net interest income.

BDB's net interest income increased by an annual 12.3% to 40.4 million levs in the January-September period of 2019, the company said in an interim financial statement.

However, net fee and commission income fell 16.5% to 1.3 million levs.

The lender's administrative expenses grew by 6.3% to 18.5 million levs in the review period, but were still 21% lower than planned in the company's budget, BDB noted.

BDB's assets fell by 9.7% compared to the end of 2018, to 2.72 billion levs.

The bank's loans and advances to customers grew to 1.48 billion levs at the end of September from 1.04 billion levs at the end of 2018, while deposits from clients other than financial institutions decreased to 1.0 billion levs from 1.31 billion levs at the end of last year.

BDB, which is 99.9% state-owned, was established in 1999. The lender's main focus is support for small and medium-sized enterprises (SMEs).

(1 euro = 1.95583 levs)

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