Banks own property worth over BGN 1.77 bn

Banks in Bulgaria own movable and immovable property worth over BGN 1.77 bn, showed calculations based on Bulgarian National Bank (BNB) data for 2012. Around BGN 1.58 bn of that amount is accounted for by real estate, machines and equipment. Investment properties are estimated at over BGN 121 mln. In 2012, the total value of banks’ tangible assets grew by 26.5% (BGN 372.5 mln), due to an increase of 23.3% (BGN 298.5 mln) of the value of owned real estate and machines and an increase of 61% (BGN 73.9 mln) of the investment properties, compared to 2011.

Tangible assets account for only 2.15% of total assets of the banking system (amounting to BGN 82.415 bn). By comparison, in 2011, they accounted for 1.82% of the total assets of banks (amounting to BGN 76.8 bn then), i.e. the so-called real estate assets increased both in absolute terms and as a share of total assets of the banking system. The increase in banks’ fixed assets may be due to both investment and the property acquired against defaulted credits.

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