Sat, Feb 11 2012

Bulgaria’s banks will end 2009 with 700 million leva profit – Iskrov

Thu, Dec 24 2009 07:39 CET

byClive Leviev-Sawyer

2091 Views 3 Comments
Bulgaria’s banks will end 2009 with 700 million leva profit – Iskrov

Bulgarian National Bank headquarters in Sofia.

Photo: ivanov.id

Bulgaria’s banks will end 2009 with a combined profit of 700 million leva, central Bulgarian National Bank Governor Ivan Iskrov said.
 
This was about half the figure for 2008, Iskrov told journalists on December 23 2009.
 
Non-performing bank loans would reach about six per cent at the end of 2009, but banks were sufficiently well-capitalised to cope with this, Iskrov said.
 
Thanks to banking system regulations implemented in 2003, Bulgaria’s banking system had sufficient "shock absorbers" to meet the challenges.
 
In spite of higher interest rates, banks had still achieved profits, he said. These profits would be capitalised, which would strengthen the system, Iskrov said.
 
By October 2009, Bulgaria’s banks had profit of 656.5 million leva, which was 46 per cent less than in the first 10 months of last year.
 
Asked when Bulgaria would apply for membership of the ERM-2, the entrance hallway to accession to the euro zone, Iskrov said that BNB was working with Bulgaria’s Cabinet and the country would apply for ERM-2 status at the earliest possible moment.
 

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Comments

Anonymous expat Tue, Dec 29 2009 16:25 CET
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this seems to be another expamle where the differnce between profit and liquidity is not clear.
from my personal experiance I think this different concpets are not widly known among people.

you can be perfectly profitable but nee dot file bankruptcy when you have no liquidity. profit says nothing about the healthyness of a company or bank....

Anonymous creative bookkeeping Mon, Dec 28 2009 22:10 CET
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it is all fake, there is no money in the banks! they kept changing the bookkeeping rules until they got the banks into profits.

soon to melt down

Anonymous Valeri Sun, Dec 27 2009 05:09 CET
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We are open for any Scandinavians, most noteably Icelanders, but others as well, to visit and take some lessons in financial management...

This is what random Finns or Swedes sound like coming on here "blessing us with their wisdom" on more than one occasion....


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