The Bulgarian-American Credit Bank marks another successful quarter in 2024, maintaining its upward trajectory of development and growth. BACB's net profit of BGN 42.479 million after tax reflects a 5.67% increase compared to the third quarter of 2023, demonstrating the bank's strong positioning in a shifting economic landscape marked by geopolitical uncertainty and slow economic growth in Europe.

Despite challenging economic conditions, BACB's loan portfolio grew by 12.84% by the end of September 2024 compared to the same period in 2023, surpassing the banking system's average growth of 7.58%. This achievement is driven by the bank's strategy to support a sustainable economy and its active role in this market segment.

BACB’s continued focus on lending to individuals, particularly through the provision of mortgage loans, has resulted in a 39.35% increase in this segment, compared to the 24.28% growth in the banking market for the third quarter of 2024. Attractive interest rates and flexible financing schemes have drawn in more clients, contributing to these positive results. The consumer loan portfolio also recorded a 21.47% increase, vs. the sector average growth of 16.13%, compared to September 2023.

By the end of the third quarter of 2024, amid a decline in base interest rates, BACB's sustainable strategy led to a 13.77% increase in net interest income. This growth stems from a rising number of retail clients, driving a 25.21% increase in interest income compared to September 2023, outperforming the banking system's 15.53% growth. Meanwhile, interest expenses adjusted in line with the base rate hike cycle.

BACB's capital position retains its positive dynamics, with a 10.88% increase compared to September 2023. On an individual basis, its CET1 capital reached BGN 289.132 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	Q3'23	Q3'24	delta %
Interest income	72 588	90 891	25.21%
Ineterest expence	-4 103	-12 977	216.28%
Net interest income	68 485	77 914	13.77%
Net fees income	10 404	9 844	-5.38%
Net profit/нетна печалба	40 198	42 479	5.67%
Loans (net)	1 526 249	1 722 270	12.84%
Deposits	1 888 432	2 004 773	6.16%
Total borrowed funds	2 023 384	2 254 522	11.42%
Total assets	2 398 432	2 693 172	12.29%
CET1	260 768	289 132	10.88%