Bloomberg News

Bulgarian Bank System Bad Loans Rise to 14.93% in 2011

January 31, 2012

Jan. 31 (Bloomberg) -- Bulgarian bad loans rose to 14.93 percent of total lending in December from a year ago, after 14.45 percent in the previous three months as profits declined, the central bank in Sofia said on its website today.

The bank system’s total profit fell 5.7 percent in December to 586 million lev ($392 million), from the same period a year ago, the bank said. Total assets rose 4.2 percent in 2011 to 76.8 billion lev, according to central bank data. The bank system’s lending growth advanced 4.1 percent in the year to 2.2 billion lev, 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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