The profit of Bulgaria's banking sector rose 60 per cent on the year to 744 million leva in the eight months to August, a report of Bulgaria's central bank (BNB) released Wednesday reads.

The increase is attributed to the hike in net interest revenues alongside savings in administrative spending and testifies of the increase in lenders' efficiency levels.

If the growth rate is sustained through year-end, the aggregate profit is set to surpass the 1 billion leva threshold.

The soaring profit also pinpoints a trend toward foreign international lenders' interest in the local lending market. The return on assets is at 2 per cent at present, whereas in the Eurozone member states it is at 0.5 per cent.

As of August 31, aggregate banking assets reached 50.6 billion leva, up 2 billion leva on the month and 13 billion leva on the year.