SOFIA (Bulgaria), July 31 (SeeNews) – Bulgaria’s Municipal Bank said on Monday its net profit rose to 1.3 million levs ($779,790/664,680 euro) in the first six months of the year, compared to 946,000 in the like period of 2016.
Net interest income rose to 16.3 million levs in the January-June period from 15.8 million levs a year earlier, Municipal Bank said in a statement.
Net fee and commission income increased to 4.9 million levs in the period under review from 4.1 million levs in the first half of 2016.
Earlier this month, Sofia City Council said it has decided to put Municipal Bank on the list of companies slated for privatisation in 2017.
Last month, Moody's Investors Service upgraded the long and short-term local and foreign-currency deposit ratings of Municipal Bank to Ba3 from B1, with a stable outlook.
Sofia municipality owns 67.65% of Municipal Bank.
As at end-May, Municipal Bank was 15th largest lender by assets among 27 banks operating in Bulgaria, according to data from the country's central bank.
(1 euro = 1.95583 levs)
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