Bulgarian banks' combined net profit rises to EUR 459 mln in 2015 The combined net profit of Bulgarian banks amounted to BGN 898 million in 2015, up by BGN 152 million as compared to a year earlier, the country's central bank said. The local banks continued to implement steps to reduce the credit risk in their balance sheets as by the end of December the gross amount of bad loans and advance payments in the banking system totalled BGN 11.026 billion. The banks' total assets stood at BGN 87.5 billion at the end of December, as their liquid assets ratio increased to 36.71%. The banks' deposits portfolio totalled BGN 74.4 billion at the end of 2015. Twenty-eight banks and branches of foreign banks operate in Bulgaria.
Source: Dnevnik (02.02.2016)

A newly created company of Varna-based mining company Eskana, which is indirectly linked to the group of Chimimport, will acquire the importer of MAN trucks - MVB Truck and Bus Bulgaria. "this emerged from the decision of the Commission for Protection of Competition (CPC), which authorized the merger. Buyer M Trucks Bulgaria will become the owner of 90% of the company, which is enshrined in several loan agreement from 2014 in favor of Central Cooperative Bank (CCB) - also part of Chimimport. The reasons for the deal are that this will develop the import of MAN in the construction sector and the acquiree will have access to funding at better terms. MAN's dealer has a rapidly growing business in recent years, with income of BGN 87 million in 2015. The buyer M Trucks Bulgaria was created specifically for the deal and practically has not operated. The company is registered in Varna in May this year with line of business sale and service of new and used trucks and buses.
Source: Capital (17.08.2016)

Interest on loans falling to 3.5% The interest rates on certain retail products may drop to 3.5% by 2017. Retail lending has the largest share in the external financing of households in the country. In recent years improvements in credit conditions after the global financial crisis of 2008-2009 have been recorded. After the drastic jump in interest rates during the economic crisis - 13.5% in 2009 to 9.76% in 2007, a trend for a gradual decrease has been established. To the first half of 2016 interest rates on consumer and mortgage loans reached levels lower than those before the crisis - 4.1% in 2016 to 6.8% in 2007 for mortgage loans and 6.6% in 2016, at 9.5% in 2007 for consumer ones. Expectations for next year are around 3.5% interest on some of the proposed retail credit products.
Source: Other (08.09.2016)