UBB AD reports Y2013 net profit of BGN 17.03 million
28 July 2014
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The Bank has maintained its leadership position in the sector and its high capital stability.
The General Meeting of UBB AD Shareholders has approved a resolution for the Y2013 profit (after provisions and taxes) in the amount of BGN 17 030 298 and the available retained profit from previous years in the amount of BGN 886 018 to be allocated to the Reserve Fund.
UBB AD’s equity as of the end of Y2013 amounted to BGN 1087.8 million and secured a level of capital adequacy of 14.81 percent, or exceeding the level, required as per BNB’s regulations, with 2.8 percent.
Stilian Vatev – BoD Chairman and Chief Executive Officer- shared with the shareholders:
„Despite the reported profit, humble for UBB’s capacity, I believe that 2013 was the first post-crisis year during which we succeeded to reverse the trend of crisis-induced stagnation and to steer the bank’s development in a radically new direction. This being – quick recovery of the normal lending activity and regaining of the former market positions, together with the gradual restoration of the high profitability levels of assets and capital.
Following this trend since the beginning of 2013, we have convincingly kicked off the current year at a high-speed and we anticipate to close it at several times higher year-end financial performance than that of the reporting one. It is exactly this, which gives me grounds for stating from now on, that over the next few years UBB could easily reach the normal pre-crisis levels of productivity and efficiency and restore its positions as not only one of the leading banks in Bulgaria, but also as one of the best and most effective banking institution for both the society and the economy.
The General Meeting of shareholders has released from responsibility all Board of Directors’ members with respect to their activities, related to managing the bank over the period from 1.01.2013 - 31.12.2013 and has re-elected Mr. Anastasios Lisos member of the Board of Directors with a 3-year mandate.