Bloomberg News

Bulgarian Bank System Bad Loans Rise to 14.45% in Third Quarter

October 31, 2011

Oct. 31 (Bloomberg) -- Bulgarian bad loans rose to 14.45 percent of total lending in the third quarter after 13.53 percent in the previous three months as economic growth faltered, the central bank in Sofia said on its website today.

Total assets rose 2 percent in July-September to 76.5 billion lev, according to central bank data. Borrowed funds, including household deposits, rose 2 percent in the third quarter to 65.6 million lev, after a 1.5 percent increased in July-September, the bank said. The bank system’s loan growth slowed to 0.8 percent in the third quarter, after a 0.9 percent rise in the previous three months, according to the central bank.

EU-based banks control 85 percent of all bank assets in the Balkan nation. The five biggest banks are UniCredit Bulbank AD, the Bulgarian unit of Italy’s UniCredit SpA; DSK Bank, a unit of OTP Bank Nyrt., Hungary’s largest bank; United Bulgarian Bank, owned by the National Bank of Greece SA; Raiffeisenbank Bulgaria and Eurobank EFG Bulgaria.

To contact the editor responsible for this story: Elizabeth Konstantinova at ekonstantino@bloomberg.net


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