Bulgarian-American Credit Bank Maintains Growth in Q2 2024
August 8, 2024 – Bulgarian-American Credit Bank (BAKB) successfully concluded the second quarter of 2024, reporting stable financial indicators despite the changing economic climate.
The bank’s net profit after taxation reached BGN 28,128 million, representing a robust 16.09% growth compared to the previous quarter. This outpaces the overall banking sector growth of 7.14%.
BAKB’s asset base continued to expand, reaching BGN 2,892 million at the end of June 2024. This impressive growth of 14.7% year-on-year demonstrates the bank’s resilience and adaptability in a tightening monetary policy environment.
The bank strategically diversified its loan portfolio, witnessing notable growth in lending to individuals. Housing and consumer loans saw particularly impressive increases, growing at twice the rate of the broader banking market.
These robust loan growth figures translated into a significant surge in interest income, with a remarkable 32.74% annual growth exceeding the banking system average of 19.19%.
Furthermore, BAKB maintained its strong capital position, with CET1 reaching BGN 280,523 million at the end of June. This impressive growth of 7.77% underscores the bank’s financial stability and resilience.
For more detailed information regarding BAKB’s financial performance and management report, please visit the Investor Relations section of their corporate website.