March 30 (SeeNews) - Sofia-based Bulgarian-American Credit Bank [BUL:BACB] said that its consolidated net profit jumped to 42.1 million levs ($23.3 million/21.5 million euro) in 2022 from 18.1 million levs a year earlier, as a result of a solid income growth.
The bank’s total operating income rose to 86.4 million levs in the review year from 60.6 million levs in 2021, BACB said in an audited annual financial statement on Wednesday.
Net interest income was up 16.8% on the year at 52.2 million levs. The strong performance was also driven by a 27.1% annual rise in net fee and commission income to 14.85 million levs.
BACB's impairment costs fell to 5.55 million levs from 8.6 million levs in 2021. Overall provisions for impairment charges declined by 10.6%, to 60.1 million levs.
Operating expenses increased by 7.5% year-on-year to 34 million levs in 2022. Personnel costs expanded 12.8% to make up 42.3% of total operating expenditure. BACB had 357 staff as at end-2022, 10 fewer than at the end of 2021.
At the end of last year, loans and advances to customers grew to 1.38 billion levs from 1.25 billion levs a year earlier, while deposits increased to 2.3 billion levs from 1.91 billion levs.
The bank's assets amounted to 2.66 billion levs at the end of last year, up from 2.2 billion levs as of end-December 2021.
BACB was Bulgaria's 12th largest lender by assets at the end of January, according to most recent central bank statistics.
Shares in BACB closed 2.67% lower at 4.50 levs on Wednesday on the BaSE segment of the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)
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