30.10.2012Municipal Bank Triples Its Profit

• The bank's profit for the first nine months amounts to BGN 3 million
• Bank permanently improves its market position
• Municipal Bank remains a leader in municipal financing, but is also focused on the retail business

Municipal Bank reported a profit for the first nine months of 2012 amounting to BGN 3.016. The management of the institution has successfully reversed the negative trend from 2011, when it inherited a financial result of minus BGN 11,405,000. The positive indicators in the bank started even in the first half 2012, when profit of nearly BGN 1 million was reported. By the end of September it increased threefold compared to the first half of this year.
"We have worked hard and decisively over the past nine months. We took difficult but necessary measures to preserve the stability of the bank and improve its liquidity. We have a good real profit for the first three quarters. We continue developing Municipal Bank as a commercial, modern and consumer oriented bank," Sasho Tchakalski, Chairman of the Management Board and Executive Director, said.
As of 30 September 2012, the assets of Municipal Bank AD amounted to BGN 1.021 billion against BGN 0.940 billion as of 31 December 2011. The loan portfolio has also grown to BGN 344 million against BGN 341 million as of the year-end 2011. The growth in attracted funding of the bank is also tangible. These amounted to BGN 939 million against BGN 860 million at the end of December 2011. The bank’s liquidity ratio has thus increased to 27.97% against 14.56% as of December 2011.