Slovenian NLB's Bulgarian Unit Posts 6.8% Drop in Jan-Sept Net Profit

The bank forecast in March that its gross profit would rise by 9.5% to 2.3 million euro ($2.9 million) in 2008. It expects its total assets to grow by 37% to 140 million euro in 2008 and to 190 million euro in 2009.

NLB West-East Bank's assets rose to 206.2 million levs at end-September from 199.4 million at end-2007, it said in a statement. No yearly comparison was immediately available.

Following are figures from the balance sheet and the income statement of NLB West-East Bank (in millions of levs):

NLB West-East Bank has issued bonds worth 5.0 million euro which are traded on the stock exchange in Sofia. Its shares are not traded on the bourse.

The bank ranked as the eighteenth largest lender by assets in Bulgaria at the end of August. A total of 24 local banks and the branches of six foreign banks are active in Bulgaria.

(1 euro = 1.95583 Bulgarian levs)