Invest in Bulgaria - The Preferred Partner of Investors Seeking Opportunities in Bulgaria
Follow:
GUGUSHEV & PARTNERS is among the leaders on the Bulgarian legal market Comprehensive Organization of MBA and EMBA Study Trips in Bulgaria
NEWS BY TOPIC
FDI in Bulgaria (13)
Health (4)
Macroeconomic Data (49)
Business (361)
Investments (155)
Infrastructure (97)
Financial (126)
Economy (350)
Construction (14)
Politics (62)
Real Estate (27)
Interesting Facts (24)
Sports (10)
NEWS BY SECTOR
Software and Information Technology (28)
Real Estate (56)
Tourism (112)
Waste Management (9)
Automotive (23)
Electronics (3)
General (81)
Renewable Energy (66)
Agriculture (22)
Construction (90)
Food and Beverage (20)
Textile (2)

Bulgaria's Greek-owned 'UBB' Bank with BGN 64 M Profit in 2010
BULGARIA'S GREEK-OWNED 'UBB' BANK WITH BGN 64 M PROFIT IN 2010
Date: 11/08/2011
Source: novinite.com
Bulgaria's Greek-owned 'UBB' Bank with BGN 64 M Profit in 2010

The United Bulgarian Bank (UBB), which is fully owned by the National Bank of Greece (NBG), has announced a net profit of BGN 63.88 M in 2010.

The general assembly of the UBB shareholders has decided to add its 2010 net profit to the bank's capital, which made 2010 the seventh year in a row in which the UBB will not be paying out dividends.

The 2010 profit will thus be added to the profit from past years amounting to the undistributed BGN 905.9 M, thus boosting UBB's own capital to BGN 1.091 B.

The net revenues of UBB for 2010 amounted to BGN 309 M but BGN 237.2 M were spent to cover credit loss provisions, a situation that the annual report of the UBB has attributed to the unfavorable business environment and the economic slowdown as a result of the crisis.

The National Bank of Greece owns 99.9% of the United Bulgarian Bank, with 0.1% being owned by local shareholders.

“UBB is doing relatively well against the backdrop of the general economic and banking stagnation. The major factor that has led to the substantial decrease of the profit is the drastic increase of the credit loss provisions, which is the major consequence for the banking sector in a time of crisis,” Stiliyan Vatev, CEO of UBB, has explained, as cited by Dnevnik.

The bank report says that its non-performing loans as of June 2011 amount to 13.5% of the total number of credits; the non-performing corporate loans are almost 10%.

UBB's credit portfolio amounted to BGN 5.8 B in 2010, its deposits from firms and households amounted to BGN 4.4 B, and its assets were BGN 7.5 B, a decrease of 8.3% year-on-year.

The funds attracted from other banks have declined substantially, with the funds from its parent company, the National Bank of Greece, declining by 35% - BGN 1.6 B at the end of 2010 compared with BGN 2.5 B a year earlier.


Topic: Financial



Featured District
ROUSSE DISTRICT AND CITY INFORMATIONRousse
Invest Bulgaria Charts
Private Sector External Debt of Bulgaria
Private Sector External Debt of Bulgaria

Foreign assets of Bulgaria
Foreign assets of Bulgaria

See all charts
Did You Know?
Cost of Construction in Bulgaria
Cost of Construction in Bulgaria
Cost of construction is about 4-5 times cheaper than the one in Western Europe ... More

Etara is the first ethnographic open-air museum in Bulgaria. If you want to feel how Bulgarians lived 150 years ago you can go to Etara and see all the craftsmen's workshops, water installations and becaome a witness of various festivals describing Bulgarian customs and traditions.

Intelligence Pathways - Outsource your Business, Competitive Intelligence or Back Office to Bulgaria

Bulgaria Translation - Full service Bulgarian Translation company

© Copyright 2004-2019 Invest Bulgaria Group Ltd, Sofia, Bulgaria. All rights reserved.

 
Please read Conditions of Use, Copyright Statement and Privacy Policy for this web page and web site.


Bulgaria Translation Bulgarian Agriculture Bulgarian Textile BestFlowers.bg Sofia Web Works Bulgarian Coins Intelligence Pathways Bulgarian Outsourcing

Crafted by Sofia Web Works. Maintained by Website Maintenance, the kings of Website Migration.


Our Featured Members