Fri, Feb 10 2012

DSK reports net profit

Thu, Oct 16 2003 14:00 CET

byElena Kodinova

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DSK Bank reported a net profit of 36.4 million leva for the first nine months of the year. Its pre-tax profit was 47.5 million leva.

Return on assets is 2.22 per cent, and return on capital was 17.55 per cent. For the first nine months of the year the bank's assets increased by 333 million leva to 2.4 billion leva. Assets rose by 16.5 per cent compared with its status at the end of 2002 and by 36 per cent compared to the same period last year.

Clients deposits that entered the bank during the period were about two billion leva. The deposits have increased by 288 million leva since the beginning of the year. The annual growth of the deposit base is 33.8 per cent. Term deposits are more than one billion leva. They have increased by 202 million leva since December 2002. Savings deposits have increased by 53 million leva and amount to 573 million leva. Individual deposits were up by 185 million leva to 1.6 billion leva, or almost 21 per cent in a year.

The bank remains the biggest creditor in the country. Its credit portfolio increased by 212 million for the first nine months of the year to 1.2 billion leva as of the end of September. In a year, the credit portfolio rose by 32 per cent. Credits extended to individuals since the beginning of the year were worth 953 million leva, 163 million leva more than last year. Loans to companies were 205 million leva, up by 49 million leva for the same period.

DSK was the last state-owned bank. The new owner of the bank is Hungary's OTP Bank. Its privatisation was completed on October 1. On that date, Finance Minister Milen Velchev announced the end of bank privatisation in Bulgaria after he and OTP Bank executive director Sandor Scanyi finalised the deal by symbolically pressing the "enter" button of a PC at a ceremony in Plovdiv. The contract was signed on May 20. OTP offered 311 million euro and was preferred to Austria's Erste Bank, which offered 293 million euro. Ten per cent of the price was paid on signing the contract.

The payment order for the remaining amount was signed electronically by Sandor Scanyi at the ceremony in Plovdiv. The shares were also transferred electronically to the new owner by Milen Velchev, former BNB governor Svetoslav Gavriiski and Bank Consolidation Company CEO Neli Kordovska.

"DSK Bank is in a very good condition but we know we will be operating in a situation of very keen competition," Scanyi said. A general meeting on October 21 will approve the new management of DSK Bank.

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