Profit of Bulgarian Banks Down by 37% in 2010 Q1

The profit generated by the Bulgarian banking system in the first quarter of 2010 amounts to BGN 170 M, which is a 37.2% drop year-on-year.

At the same time, however, the profit of the Bulgarian banks grew by 7.5% in January-March 2010 compared to the last quarter of 2009, showed data of the Bulgarian National Bank released Thursday.

Bulgarian bankers in general have commented that the country’s banking system is stable but that it is too early to be overjoyed as the economic and financial crisis is still in place.

The improvement of the results in the first quarter of 2010 compared to the last quarter of 2009 is due to the slight revival of crediting and lower interest rates on deposits, comments say.

Earlier on Thursday, central bank Governor Ivan Iskrov commented that the Bulgarian banking system was stable and well-managed.

“The banking system is keeping its financial sturdiness and has completed the first quarter of 2010 with improved liquidity and capital positions, with positive financial results, and with an increased amount of attracted deposits and balance assets,” states the report of the BNB on the condition of the Bulgarian banks after the first three-month period of the year.

The assets of the Bulgarian banking system grew by BGN 2.2 B in the first quarter of 2010 year-on-year, reaching a total of BGN 71.4 B.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!