Savings of Bulgarian households increase
Bulgarian households saved twice as much money in their deposit accounts in November compared to October, according to the data of the BNB (Bulgarian National Bank). Late last month, a total of BGN 411 mln were deposited with the banks or BGN 217 mln higher than the amount month-on-month.
The deposition of free funds with the banking system confirmed once again the positive trend of our compatriots to save money due to their fear of financial uncertainty. Precisely as a result of this reason, the BNB data reported that the share of local resources in the total volume of borrowings increased in late November and has already reached 80%. Let us remind our readers that on an annual basis at the end of November, the volume of total borrowings of the banking system rose by BGN 2.3 bn, mainly in terms of the savings bank accounts of the Bulgarian population.
The BNB statistics reported that the profit of the Bulgarian banks has amounted to BGN 550.4 mln since the beginning of the year by the end of November. The net profit per month of banks increased by 7.17%, but on annual basis a decline of 5.7% was observed, while the end of November 2010 it reached BGN 583.59 mln. Let us remind our readers that over the last half year, the bank's profit was higher solely for September compared to that of last year.
The overall decrease of the financial result on an annual basis was due to the lower interest income rate this year. The BNB data showed that for the eleven months of 2011, the total interest income reached BGN 4.604 bn, while for the same period of 2010 it amounted to BGN 33 mln higher.
As a whole, however, it is clear that the financial uncertainty and the economic crisis has not affected directly the Bulgarian banks, although a large part of them are owned by foreign banks. In November, the total amount of their assets slumped by 0.9 % to BGN 75.4 bn. under the influence of the dynamics of the borrowed funds. In annual financial terms, however, the banking sector assets grew by BGN 2.8 bn (3.9 %).
Text and photo: klassa.bg
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(30.12.2011)