December 1 (SeeNews) - Bulgaria’s Central Cooperative Bank [BUL:CCB] said that its net profit dropped by 45.28% on the year to 16.8 million levs ($8.94 million/8.59 million euro) in the first nine months of 2022 due to foreign exchange losses, higher operating expenses and losses from transactions with securities.
The bank booked foreign exchange losses of 2.83 million levs in the period under review after gains of some 300,000 levs a year earlier, it said in an interim financial statement published on its website.
The lender also incurred losses from transactions with securities of 224,000 levs compared with gains of 8.98 million levs a year earlier. At the same time, operating expenses increased by 11.37% to 114.7 million levs.
CCB reported net interest income of 96.2 million levs for the first nine months of 2022, up from 85.04 million levs a year earlier. Meanwhile, net fee and commission income rose to 42.5 million levs from 38.6 million levs.
Loans and advances to customers totalled 3.32 billion levs at the end of September, growing from 3.12 billion levs at the end of 2021. In parallel, deposits advanced to 7.17 billion levs from 6.95 billion levs.
The bank’s assets increased to 7.91 billion levs at the end of September from 7.7 billion levs at the end of 2021.
CCB was Bulgaria’s seventh largest lender by assets at the end of September, according to central bank data.
As at CET 0933 on Thursday, shares in CCB traded flat at 1.57 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)
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