Bulgarian banks make profits
14 November 2008
Banks in Bulgaria have reported considerable profits over the first nine months of the year, it has been reported.
According to figures cited by the Sofia Echo, two-thirds of banks in the eastern European country saw their profit margins go up during this period.
For example, MKB Unionbank saw profits rising by more than 111 per cent throughout the first three quarters of 2009.
And Piraeus Bank Bulgaria experienced a 117.3 per cent increase at the same time.
This is despite the deepening financial crisis across the world, which has led to the collapse of institutions such as US-based investment bank Lehman Brothers.
However, the Sofia Echo reports that Bulgarian banks have been advised to hold on to this extra money, in case the credit crunch deepens and limits the amount it could possibly lend.
Meanwhile, official statistics have shown that the rate of annual inflation in Bulgaria is continuing to fall, as it dropped to 11 per cent last month.
According to figures cited by the Sofia Echo, two-thirds of banks in the eastern European country saw their profit margins go up during this period.
For example, MKB Unionbank saw profits rising by more than 111 per cent throughout the first three quarters of 2009.
And Piraeus Bank Bulgaria experienced a 117.3 per cent increase at the same time.
This is despite the deepening financial crisis across the world, which has led to the collapse of institutions such as US-based investment bank Lehman Brothers.
However, the Sofia Echo reports that Bulgarian banks have been advised to hold on to this extra money, in case the credit crunch deepens and limits the amount it could possibly lend.
Meanwhile, official statistics have shown that the rate of annual inflation in Bulgaria is continuing to fall, as it dropped to 11 per cent last month.
Propertysecrets.net ltd, White House, Clarenden Street, Nottingham, NG1 5GF, (tel): 0115 985 3963
