June 17 (SeeNews) - Piraeus Bank Bulgaria said that its consolidated net profit dropped to 9.2 million levs ($5.3 million/4.7 million euro) in 2018 from 29.9 million levs in 2017.
The company's profit was hit by the fact that it booked 1.7 million levs of financial asset impairments in 2018, while it reversed 38.1 million levs worth of impairments in 2017, figures from Piraeus Bank Bulgaria's annual financial statement showed.
Net interest income rose to 59.8 million levs last year from 51.4 million levs in 2017, while net fee and commission income edged up to 23.0 million levs from 22.3 million levs.
General administrative expenses fell to 38.3 million levs in 2018 from 42.3 million levs the year before, while personnel costs increased to 29.0 million levs from 24.1 million levs.
Loans and advances to other banks declined to 575.0 million levs at the end of last year from 784.6 million levs at the end of 2017, while loans and advances to other customers rose to 1.61 billion levs from 1.43 billion levs.
Deposits from banks fell to 148.8 million levs at the end of 2018 from 272.8 million levs at the end of 2017, while deposits from other customers edged down to 2.23 billion levs from 2.27 billion levs.
Piraeus Bank Bulgaria's assets amounted to 2.98 billion levs at the end of 2018, down from 3.08 billion levs a year earlier.
Piraeus Bank Bulgaria was Bulgaria's ninth largest lender by assets at the end of April, according to the most recent central bank data.
Eurobank Bulgaria, which operates under the Postbank brand, completed the acquisition of Piraeus Bank Bulgaria earlier this month.
(1 euro = 1.95583 levs)