The Bulgarian-American Credit Bank concluded the first quarter of 2024 with outstanding results, surpassing the performance of the national banking sector. BACB's net profit reached BGN 16.332 million after tax, representing an increase of 54.24% compared to the first quarter of 2023. This growth rate significantly exceeds the average for the banking system, which reported a profit increase of only 4.27% over the same period. Key factors contributing to BACB's success include increased lending activity, sustainable growth in net interest income, and attractive products for new customers, which have expanded the bank's customer base.

Amid tightened monetary policies in Europe and the USA, BACB has demonstrated strong adaptation to the market environment and maintained its growth momentum. By the end of March, the bank's assets had increased by 7.63% year-on-year, reaching BGN 2,880,758 thousand.

Despite challenging economic conditions, including ongoing inflation and slowing economic growth, BACB has effectively managed and expanded its loan portfolio, achieving the highest growth in lending to individuals. Housing loans increased by an impressive 45.5%, compared to a 21% growth in the banking market, relative to the first quarter of 2023. This increase is driven by attractive interest rates and flexible financing conditions, making home purchases more accessible. The consumer loan portfolio grew by 33%, compared to a 13% increase for the sector, relative to March 2023, with a large portion of applications submitted through digital service channels.

BACB's interest income increased by 46.5% compared to the first quarter of 2023, while the sector reported a 27.7% increase. The increase in interest expenses follows market dynamics and aligns with the trend in the banking sector. Thanks to diversified sources of funding, net interest income increased by 35%, compared to a 27% increase in the banking sector. A crucial factor contributing to the strong net interest income is the revenue generated from the bank's increased lending activity.

BACB demonstrates financial stability and security regarding liquidity and capital. The bank's capital position has maintained its positive trend, reporting a growth of 6.73% compared to the first quarter of 2023. At the end of March, CET1 on an individual basis reached BGN 279.215 million, supporting the bank's continued development and the achievement of its strategic goals.

BGN '000	Q1'23	Q1'24	delta %
Interest income	21 200	31 062	46.52%
Ineterest expence	-1 026	-3 780	268.42%
Net interest income	20 174	27 282	35.23%
Net fees income	3 344	3 260	-2.51%
Net profit	10 589	16 332	54.24%
Loans (net)	1 533 090	1 578 033	2.93%
Deposits	2 168 363	2 266 545	4.53%
Total borrowed funds	2 323 217	2 471 008	6.36%
Total assets	2 676 504	2 880 758	7.63%
CET1	261 605	279 215	6.73%