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Greece's Piraeus Bank Bulgarian Unit 9-mo Net Profit Rises 58.2% Y/Y - Table

Oct 31, 2008, 2:32:41 PMArticle by Vladimir Petrov
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October 31 (SeeNews) - The Bulgarian unit of Greece's Piraeus Bank on Friday said its consolidated net profit rose 58.2% to 54.8 million levs ($36 million/27.9 million euro) in the first nine months of 2008, as net interest income rose by 42.8% on the year.

Greece's Piraeus Bank Bulgarian Unit 9-mo Net Profit Rises 58.2% Y/Y - Table

Following are figures from the lender's income statement filed with the Bulgarian Stock Exchange, where the bank's bonds are listed (in millions of levs):

Jan-Sept'08 Jan-Sept'07
NET PROFIT 54.815 34.642
PRE-TAX PROFIT 61.077 38.520
NET INTEREST INCOME 95.203 66.647

The bank's total assets rose by 18% on the year to 4.238,8 billion levs through September. Its credit portfolio grew by 16% to 2.867,5 billion levs.

Piraeus Bank Bulgaria ranked as the sixth largest bank by assets at the end of September in Bulgaria where 24 domestically-registered banks and the branches of six foreign banks operate.

The bank has said it aims to raise its market share in the corporate banking segment to 10% by the end of 2010 from 7.7% at end of 2007. It also plans to expand its network to 130 branches by the end of 2010 from the current 84.

(1 euro = 1.95583 Bulgarian levs)

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