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14.08.2008

CIBANK reports 263% growth on profit from its core activities

CIBANK reports 263% growth on profit from its core activities

CIBANK reports BGN 17.330 mln. profit before taxation for the first half of 2008 г. Without the one-off income from the sale of shares the profit for the same period of the last year was BGN 6.589 mln., representing an almost triple increase.  As of June 30, 2008 the bank's assets amounted to BGN 1 814 mln , which put the bank in the ninth place among the banks, with market share of 2.8%. CIBANK's market share in terms of loans granted increased by 2.9% and thus placed the bank in the ninth position.  The bank ranked ninth with 2.3% market share with respect to the consumer loans granted. In terms of the mortgage loans the bank retained its steady position – ninth place with market share of 1.9%. CIBANK keeps on increasing its market share with respect to retail loans and at the end of June it reached 2.1 per cent.  The rate of increase in the second quarter of this year is 15.7 % and it is higher than the one for the banking system – 11.4%.
According to Petar Andronov, Chief Executive Director of CIBANK, the bank’s portfolio quality is good and it continues improving. The amount of provisions set aside as of 30.06.2008 was BGN 21.2 mln.
The total amount of attracted funds reached BGN 1 502 mln. and marked growth of 26.5% compared to the first half of 2007. The highest growth is related to deposits of corporate clients – 27.6%.
CIBANK continued developing and diversifying the range of offered deposit products. The largest amounts of funds were attracted with the Top Deposit product, whose promotion, due to the great interest, was extended to the end of September 2008. Standard Deposit registers the highest increase, 86%, followed by Eurodeposit and Growing deposit.
 
Along with the development of the banking products, CIBANK also continues extending its branch network, and in the first six months of 2008, 9 new branches were opened, their total amount thus reaching 135. The Bank has increased the number of its ATM machines by over 40%, and the number of its POS terminals by approximately 20%.  All the teller machines of the bank and over 90% of the POS terminals comply with the latest technological requirements for acceptance of chip cards. For the same period the transactions with bank cards, issued by the bank marked a growth of 38.7%, and for the MasterCard and Visa brands the increase was over 2.5 times.