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Bulgaria's CCB lifts Q1 non-cons net profit, revenue

Author Mario Tanev
Bulgaria's CCB lifts Q1 non-cons net profit, revenue wrangler/Shutterstock.com

SOFIA (Bulgaria), June 11 (SeeNews) - Bulgaria's Central Cooperative Bank (CCB) [BUL:4CF] said that its non-consolidated net profit rose to 14.4 million levs ($8.3 million/7.4 million euro) in the first quarter of 2019 from 9.9 million levs in the same period of 2018, following a rise in revenue.

The company's net interest income increased to 29.5 million levs in the first three months of the year from 26.8 million levs in the comparable period of 2018, CCB said in an interim financial statement on Monday.

Net fees and commission income edged up to 11.0 million levs in the January-March period from 10.4 million levs in the corresponding period of last year.

The increase was likely supported by a slight rise in loans and advances to customers other than banks, to 2.28 billion levs at the end of March from 2.26 billion levs a year earlier. Deposits from clients other than banks grew to 5.10 billion levs at the end of March from 5.01 billion levs 12 months earlier.

The bank also booked 3 million levs in foreign exchange earnings in the review period, versus a loss of 361,000 levs in the first three months of 2018.

The lender's administrative expenses increased to 26.3 million levs in January-March from 24.8 million levs in the prior-year period.

CCB's total assets rose to 5.73 billion levs at the end of March from 5.62 billion levs a year earlier. CCB was Bulgaria's eight largest lender by assets at the time, according to central bank data.

During the period under review, CCB increased its capital by some 14 million levs to 127 million levs, through converting part of its bond issue. As a result, the bond issue's face value dropped by 23 million euro to 13 million euro.

CCB shares last traded on the Bulgarian Stock Exchange at a price of 1.525 levs, and are 8.16% up year-to-date.

(1 euro = 1.95583 levs)

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