Bulgarian-American Credit Bank (BACB) continues to exhibit robust growth, successfully concluding the second quarter of 2024 with strong performance metrics. The bank’s net profit reached BGN 28.128 million post-tax, marking a significant increase of 16.09% compared to the same period in 2023. This performance underscores BACB's solid positioning in a dynamic economic climate. For the same interval, the banking sector reported a profit increase of 7.14%.

By the end of June 2024, the bank’s assets reached BGN 2 892 million. Amidst a global tightening of monetary policy and a growing Bulgarian banking market, BACB has sustained its strong performance, with a year-on-year asset growth of 14.7%.

BACB has expanded its diversified lending portfolio, noting most substantial growth in consumer lending. The bank’s focus on residential and consumer loans has led to their growth at a rate twice that of the overall banking market. Consumer loans have risen by 28.22% since June 2023, outpacing the banking sector’s growth of 14.79%. Residential loans surged by 43.55% compared to the second quarter of 2023, versus a 22.79% increase across the banking market. These exceptional results are credited to BACB’s flexible financing options, tailored approaches, and competitive interest conditions.

The expansion of BACB’s lending portfolio has also driven an increase in interest revenue, which soared by 32.74% by the end of the second quarter, substantially outperforming the banking system's growth of 19.19% year-on-year. Although costs related to borrowed resources have increased, aligning with market conditions, net interest income grew by 21.45% compared to the second quarter of 2023, surpassing the banking sector’s growth rate of 20.36%. The sustained market activity has enabled the generation of robust net interest earnings.

BACB’s capital position has maintained its upward trajectory, with a growth of 7.77% compared to the second quarter of 2023. At the end of June, the CET1 ratio on an individual basis reached BGN 280.523 million.

The full financial statements of Bulgarian-American Credit Bank, along with a comprehensive management report, are accessible on the corporate website in the Investor Relations section.

BACB AD Financial Indicators – Individual Basis

BGN '000	Q2'23	Q2'24	delta %
Interest income	46 304	61 463	32.74%
Ineterest expence	-2 374	-8 112	241.70%
Net interest income	43 930	53 351	21.45%
Net fees income	6 907	6 389	-7.50%
Net profit	24 229	28 128	16.09%
Loans (net)	1 506 075	1 712 712	13.72%
Deposits	2 017 853	2 195 633	8.81%
Total borrowed funds	2 165 408	2 446 841	13.00%
Total assets	2 521 852	2 892 490	14.70%
CET1	260 295	280 523	7.77%