30.05.2008Annual Shareholders' Meeting of Municipal Bank AD

The Annual Shareholders' Meeting of Municipal Bank AD took place in the Bank’s Head Office at 6, Vrabcha Street, Sofia, on 30.05.2008, at 15.00 h. The meeting took place following the agenda published in the Commercial Register. In compliance with the proposals made, the shareholders approved the Annual Financial Statements of the Bank for 2007, audited and certified by Deloitte Audit OOD, and released from responsibility the members of the Supervisory and Management Boards of Municipal Bank AD for their activity in 2007. The General Shareholders' Meeting accepted the proposal BGN 6 800 thousand of the profit accounted for in 2007 (totalling BGN 13 623 thousand after tax) to be distributed as dividends to the shareholders (amounting to BGN 2.72 per share), and the remaining BGN 6 823 to be applied to the Reserves.
The total on-balance-sheet assets under management as at the year-end 2007 amounted to BGN 1 013 542 thousand increasing by BGN 369 212 thousand, or 57.30%. The profit to equity ratio has almost tripled in 2007 against 2006, as a consequence of the increase in the profit by approximately 275% in comparison to the slower growth rate of the equity (28%).
The Bank's General Capital Adequacy as at the end of 2007 was 14%, and after applying the profit to the Reserves, it will reach 15.74%. The loans and advances to customers have increased by BGN 46 476 thousand, or 23% in 2007 against 2006. Of the total assets as at 31.12.2007 25% was the share of the loans and advances to customers and 22% of repurchase agreements. The Meeting elected the specialised audit enterprise Deloitte Audit OOD for auditing the annual financial statements of Municipal Bank AD in 2008.