July 24 (SeeNews) - State-owned Bulgarian Development Bank (BDB) said on Wednesday that its net profit rose by 20% year-on-year to 18.3 million levs ($10.4 million/9.3 million euro) in the first half of 2019 on the back of stepped-up lending activity.
"The progressive development of lending activity has been combined with strict adherence to the regulatory requirements, the maintenance of high financial stability and rational management of credit risk," BDB said.
The bank's loan portfolio expanded by 7% in the first half of 2019. The quality of the loan portfolio remains high, as the risk exposures overdue for more than 90 days fell below 6% of total loans.
BDB currently has 13 active contracts with 8 financial institutions including the Council of Europe Development Bank, the European Investment Bank, Germany's Kreditanstalt fuer Wiederaufbau and China Development Bank with which it signed a 1.5 billion euro deal in 2018.
(1 euro = 1.95583 levs)
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