Suzanne
15-02-06, 04:12 PM
ProCredit Bank, one of Bulgaria's small banks, turned in a net profit of 8 mln levs for 2005, central bank data shows.
The bank underperformed the sector, which hit record highs last year, and even reported a 3.85% decline in its financial result for the third quarter.
ProCredit Bank saw profit rise 17% year-on-year in 2005 versus a 35% average growth for the sector.
The bank's end-2005 return on assets stood at 1.42/100 levs, whichcompares to a sector average of 1.78/100 levs. The bank's performaned better 3 months earlier - 1.82/100 levs, and better yet a year earlier when it returned 1.96/100 levs.
'Profit growth was never a priority for us and our shareholders,' the bank said. It attributed the growth rate to the anti-lending measures introduced by the central bank and the cost of new projects.
Within the last quarter of 2005, ProCredit Bank's net credit provisions increased by 93% (2.2 mln levs) versus a sector growth of 48%.
However, the bank outstripped its peers in certain business areas. Its credit portfolio, for example, expanded by 61% versus a sector average of 33%, and its balance figure was up 62% year-on-year, while the sector average was 32%. Deposits leaped 83%, compared to an average increase of 30% for the whole industry.
The deposits/assets ratio, though, stood at 57% against an average of 77% for the sector.
(Dnevnik) - http://news.dnevnik.bg/
The bank underperformed the sector, which hit record highs last year, and even reported a 3.85% decline in its financial result for the third quarter.
ProCredit Bank saw profit rise 17% year-on-year in 2005 versus a 35% average growth for the sector.
The bank's end-2005 return on assets stood at 1.42/100 levs, whichcompares to a sector average of 1.78/100 levs. The bank's performaned better 3 months earlier - 1.82/100 levs, and better yet a year earlier when it returned 1.96/100 levs.
'Profit growth was never a priority for us and our shareholders,' the bank said. It attributed the growth rate to the anti-lending measures introduced by the central bank and the cost of new projects.
Within the last quarter of 2005, ProCredit Bank's net credit provisions increased by 93% (2.2 mln levs) versus a sector growth of 48%.
However, the bank outstripped its peers in certain business areas. Its credit portfolio, for example, expanded by 61% versus a sector average of 33%, and its balance figure was up 62% year-on-year, while the sector average was 32%. Deposits leaped 83%, compared to an average increase of 30% for the whole industry.
The deposits/assets ratio, though, stood at 57% against an average of 77% for the sector.
(Dnevnik) - http://news.dnevnik.bg/