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Sat, May 26 2012
Bulgarian banks' profits drop Jan-Sep 2010
Bulgarian National Bank
Photo: Anelia Nikolova
The Bulgarian banking sector recorded a 30 per cent annual drop in their profit for the first nine months of 2010 to 476.4 million leva, with the country's five largest banks contributing 74.5 per cent.
Bulgarian National Bank (BNB) data showed that the 14 million leva bottom line in September alone was the lowest in recent years. The result was a decrease from a profit of 61 million leva in August and 50 million leva in July.
The contraction in banks' profit stems from the rising write-offs, with provisions for these growing to 947 million leva as at end-September against 794.9 million leva a month earlier and 566 million ;leva at the end of the second quarter.
Meanwhile, bad loans accounted for 10.61 per cent of local banks' total portfolios compared with 9.45 per cent in June and 7.8 per cent in March.
Despite the increase, BNB said that "the levels of credit risk are manageable".
The growth in sour loans in the first nine months of the year was accompanied by low credit activity in the system.
In addition, the slight improvement in corporate loans observed in the second quarter was not preserved in the July-September period.
"The growth in corporate loans (2.3% to BNG 33.58 billion) was influenced by the return of the balance in the system of previously sold loan portfolios," BNB said.
Housing mortgages edged up 0.7 per cent to 9.15 billion leva, while consumer credit contracted 1.1 per cent compared with the previous three-month period.
The sector's total assets rose 1.6 per cent for July to September to 72.1 billion leva because of loan repurchases.
According to BNB, "the implemented measures by credit institutions to further strengthen their capital positions is a prerequisite for maintaining the adequacy ratios and capital buffer in the system", which reached three billion leva.
BNB said that domestic banks comply with the recommended level of liquidity and thus the ratio of liquid assets to liabilities remained unchanged from June at 22.2 per cent.
The report said that seven of Bulgaria's financial institutions ended the nine-month period in the red, exceeding the number of banks to report a loss in the second quarter, including Regional Investment Bank, Bulgarian American Credit Bank, Tokuda Bank, NLB Bank, Ziraat Bank, Emporiki Bank and Alpha Bank.
Source: Dnevnik.bg
Bulgarian National Bank (BNB) data showed that the 14 million leva bottom line in September alone was the lowest in recent years. The result was a decrease from a profit of 61 million leva in August and 50 million leva in July.
The contraction in banks' profit stems from the rising write-offs, with provisions for these growing to 947 million leva as at end-September against 794.9 million leva a month earlier and 566 million ;leva at the end of the second quarter.
Meanwhile, bad loans accounted for 10.61 per cent of local banks' total portfolios compared with 9.45 per cent in June and 7.8 per cent in March.
Despite the increase, BNB said that "the levels of credit risk are manageable".
The growth in sour loans in the first nine months of the year was accompanied by low credit activity in the system.
In addition, the slight improvement in corporate loans observed in the second quarter was not preserved in the July-September period.
"The growth in corporate loans (2.3% to BNG 33.58 billion) was influenced by the return of the balance in the system of previously sold loan portfolios," BNB said.
Housing mortgages edged up 0.7 per cent to 9.15 billion leva, while consumer credit contracted 1.1 per cent compared with the previous three-month period.
The sector's total assets rose 1.6 per cent for July to September to 72.1 billion leva because of loan repurchases.
According to BNB, "the implemented measures by credit institutions to further strengthen their capital positions is a prerequisite for maintaining the adequacy ratios and capital buffer in the system", which reached three billion leva.
BNB said that domestic banks comply with the recommended level of liquidity and thus the ratio of liquid assets to liabilities remained unchanged from June at 22.2 per cent.
The report said that seven of Bulgaria's financial institutions ended the nine-month period in the red, exceeding the number of banks to report a loss in the second quarter, including Regional Investment Bank, Bulgarian American Credit Bank, Tokuda Bank, NLB Bank, Ziraat Bank, Emporiki Bank and Alpha Bank.
Source: Dnevnik.bg
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Appointments
Employment Agency
Kamelia Lozanova has been appointed the executive director of the Employment Agency, a position she has held ad interim since September 2011, following the resignation of her predecessor Rossitsa Stelianova. Prior to that, Lozanova was the agency's deputy executive director in charge of international projects and European programmes. She has been with the agency for more than 20 years. Lozanova has a degree in Slavonic philology from the St Kliment Ohridski University of Sofia.
Uniqa
Gloria Dimitrova has been appointed executive director and member of the managing board at Uniqa Life Insurance Bulgaria. Dimitrova began her career in 1998 at the insurance supervision directorate, but moved to the private sector and worked for professional services and insurance brokerage firm Marsh&McLennan and US insurer AIG, both in Bulgaria and the Middle East. She joined Uniqa as regional director for Sofia in 2010. Dimitrova has a degree in economics from the University for National and World Economy in Sofia and a master's degree in insurance from the Business Academy in Svishtov.
Kamenitza
Yassen Lyubenov is the new head of marketing at Bulgarian beer brewer Kamenitza. Lyubenov has 12 years of experience in marketing in the fast-moving consumer goods sector and has started his career as assistant brand manager at Kraft Foods Bulgaria. He later became brand manager at Wrigley Bulgaria, with responsibilities for Bulgaria and Macedonia. Prior to joining Kamenitza, he was senior marketing manager at Wrigley Russia, where he was in charge of brand expansion into Ukraine, Belarus, Central Asia and the Caucasus. Lyubenov has a bachelor's degree in international business administration from the University of Lincoln, UK.
Beiersdorf
Bedros Kalfayan, general manager of skin care and cosmetics company Beiersdorf Bulgaria, will oversee the parent's company units in Romania and Moldova starting April 1. Following company restructuring, Beiersdorf's subsidiaries in the three countries were merged and are now one unit, part of Beiersdorf Central and Eastern Europe. Kalfayan joined Beiersdorf in 2007 as sales manager and was promoted to general manager in 2008. Prior to that, he worked for Axxon Bulgaria, Ferrero and Rubella. Kalfayan has a master's degree in industrial management from the Technical University in Sofia.
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