Bulgarian-American Credit Bank successfully ended Q2'23 and continues to report stable indicator values.

In the end of June BACB's profit amounts to BGN 24.229 million after taxes. The data from the interim accounting statements shows a 124.51% increase compared to Q2'22. Based on this indicator, the bank's profit growth is three times higher than the banking system's average. For the same period, the banking sector reported a profit increase of 39.75%. This impressive financial result was achieved due to the increased interest income for the period. BACB reported a 93.14% increase in its net interest income, compared to an average of 35.60% for the market, despite the fact that the bank kept the interest rates on residential and consumer loans of its current clients on the same levels. The drop in the cost of financing had an additional contribution to the positive results. Interest costs on borrowed funds decreased by 7.84% to reach BGN 2.374 million.

Despite the continued tightening of the European and US monetary policy and growing Bulgarian banking market, BACB maintains its stable performance and achieved a 5.46% asset growth on an annual basis. At the end of June, the bank's assets reached BGN 2 522 Mil. BACB continues to expand its loan portfolio in a diversified manner and achieved the largest growth in citizen lending. Residential loans grew by 6.23%, on the background of the 4.36% growth reported by the banking market. The consumer loan portfolio increase was 9.27%, compared to 3.22% for the sector.

BACB's capital position preserved its positive dynamics and reported an impressive growth of 19.05% compared to June 2022, based on which CET1 on an individual basis reached BGN 260.295 million.

The complete statements of the Bulgarian-American Credit Bank, along with the complete report of the bank's management, are available on its corporate website in the Investor Relations section.

BACB AD financial indicators on an individual basis

BGN '000Q2'22Q2'23delta %
Interest income 25 321 46 304 82.87%
Ineterest expence -2 576 -2 374 -7.84%
Net interest income 22 745 43 930 93.14%
Net fees income 7 581 6 907 -8.89%
Net profit 10 792 24 229 124.51%
Loans (net) 1 286 890 1 506 075 17.03%
Deposits 2 104 180 2 008 842 -4.53%
Total borrowed funds 2 124 878 2 156 397 1.48%
Total assets 2 391 253 2 521 852 5.46%
CET1 218 635 260 295 19.05%

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Bulgarian American Credit Bank AD published this content on 07 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 August 2023 13:28:06 UTC.