At the end of June 2021, the assets of Bulgarian American Credit Bank reached BGN 1,989,959 thousand, which is an increase by 18.88% compared to the second quarter of 2020. 

The Bank continues to expand its loan portfolio, focusing on the share of loans to natural persons and SMEs. BACB's good positioning has led to very good commercial results and it already occupies the ninth position in the TOP 10 of the banking system in the retail mortgage lending segment. The achieved increase of the portfolio by 13.74% for a one-year period is almost twice the average growth of the banking market on this indicator (7.09%).

Savings of individuals and businesses increased by 21.01% in both segments, reporting better results than those of the banking system which recorded 11.70% annual growth in borrowed funds.

At the end of June, BACB reported a 10.49% increase in net interest income, despite the sharply narrowed interest margins. The result stands out against the background of the average levels for the banking market of 2.96% and is mainly due to the interest income which increased by 6.74%, reaching BGN 25.028 million. Contributing to the good performance is the achieved decline in the cost of financing, reflected in the reduction of interest expense on borrowed resources by -17.16%, reaching BGN 2,636 million.

BACB handled the negative consequences of the COVID-19 pandemic and reported a significant increase in consumer transactions as a result of the restored operations and attracted new customers. Net income from fees and commissions in the second quarter of the year increased by 18.93% compared to the same period in 2020.

BACB's net profit amounts to BGN 8,204 million after tax. The figures show an impressive growth of 31.92% compared to the same period last year, despite the reported higher credit impairments. The Bank achieves better efficiency by managing to keep its operating costs low, despite the significant increase in the number of customers and their transactions. This is primarily due to technological innovations, new digital products and automation of customer service processes.

The capital position of BACB retains its positive dynamics and shows an increase by 3.07% compared to the second quarter of 2020.

The good results of the Bank in recent years are a guarantee for the sustainable development of BACB and the creation of long-term value for all stakeholders.

The full statements of BACB AD and the Management Report are available on the corporate website of the Bank in "Investor Relations” section. 

BACB AD Financial Indicators - on a separate basis

BGN'000	Q2'20	Q2'21	delta%
Interest income	23 448	25 028	6.74%
Ineterest expence	-3 182	-2 636	-17.16%
Net interest income	20 266	22 392	10.49%
Net fees income	4 131	4 913	18.93%
Net profit	6 219	8 204	31.92%
Loans (net)	1 067 551	1 214 258	13.74%
Deposits	1 409 468	1 719 439	21.99%
Total borrowed funds	1 449 668	1 754 285	21.01%
Total assets	1 673 940	1 989 959	18.88%
CET1	194 915	200 892	3.07%