site.btaBulgarian Development Bank Records Lv 44.9 Mln Profit in 2016

Bulgarian Development Bank
Records Lv 44.9 Mln
Profit in 2016


Sofia, May 30 (BTA) - The Bulgarian Development Bank (BDB) earned 44.9 million leva in profit in 2016. This implies an increase by 6.2 million leva (18 per cent) compared with 2015, the BDB said on Tuesday, citing a report presented to its General Assembly. The bank's assets increased to 1,893.7 million leva.

The General Assembly decided that 50 per cent of the bank's profit will be distributed as dividend and the rest will be set aside as a reserve.

In 2016, the BDB received the equivalent of 420 million leva from international financial institutions, including the European Investment Bank, the Council of Europe Development Bank, and the Industrial and Commercial Bank of China.

Through its subsidiary, National Guarantee Fund, the BDB continues providing guarantees for the benefit of small and medium-sized enterprises (SMEs). The Fund guaranteed for 655 million leva in loans from commercial banks as at the end of 2016, thus supporting over 5,300 SMEs. Pursuing this policy, the Fund signed an agreement with the European Investment Fund at the end of 2016 for 40 million euro in funding for SMEs under the Juncker Plan of the European Commission. PK/VE