BNB data: Banks compensated the decline in profits at the end of May

The profits of the banking system in Bulgaria stood at BGN 280 mln at the end of May, showed BNB (Bulgarian National Bank) data, published yesterday. This result is BGN 9 mln higher than the figure for January-May 2010, which means that banks have already compensated the decline. Therefore, in the first five months of the year, financial institutions’ daily profit was BGN 1.85 mln. The banking system’s profit for May 2011 was BGN 66 mln higher than the amount in the same month of 2010 when it stood at BGN 53 mln, BNB’s statistics showed.

BNB specified that the banking sector remained stable in May, the levels of key indicators showed a decent profitability and retained liquidity positions. For the entire 2010, the positive financial result of banks shrank by over 20% to BGN 617 mln, while their expenses for depreciation increased by 26% to BGN 1.31 bln. In 2009, banks’ profits dropped by 44%, compared to 2008, because of the crisis, and the positive result for the entire year totaled BGN 780 mln. Experts reported that the depreciation in May stood at BGN 99 mln and was lower than in April. The gross amount of loans (excluding these of credit institutions) increased by BGN 121 mln, and BGN 99 mln of this amount were corporate borrowings. Lending to citizens again remained unchanged, BNB data showed. In the fifth month of the year, households borrowed BGN 16 mln in mortgage loans and the consumer segment retained its April level.

Attracted funds increased by BGN 264 mln, influenced by the free resources of citizens, households and non-banking institutions. Citizens’ deposits rose by BGN 235 mln (0.8%), and corporate deposits – by BGN 118 mln.

At the end of May, the balance capital of the system amounted to BGN 10.2 bn, having increased by 0.6% (BGN 58 mln) due to the improved yields for the current year. The banking system’s assets at May 31, 2011 stood at BGN 74.5 bn.

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