UBB reports a net profit of BGN 76.3 million for Y2014

22.07.2015

The Bank has increased its profit 4.5 times against Y2013 and has retained its leadership position in the banking sector upon high capital adequacy and sufficient liquidity ratios.

The General Meeting of the Shareholders of United Bulgarian Bank (UBB) has adopted a resolution for allocation of the Y2014 profit (after provisions and taxes) amounting to BGN 76 285 768, as well as the available retained profit from previous years equaling BGN 884 434, into Retained Profit Reserves.

UBB’s equity as at the end of Y2014 equaled BGN 1.165 million, thus ensuring a capital adequacy ratio of 27.4 %, or exceeding by 13.9 % the regulatory level, required by the Bulgarian National Bank.

Stilian Vatev – Chairman of the Board of Directors and Chief Executive Officer:I believe 2014 was the year during which we succeeded in convincingly demonstrating – to everyone - that the promised rapid turning point after the years of crisis had become a fact and that the Bank was quickly regaining its leadership positions in the Bulgarian banking sector and the national economy. Parallel to that our reports conspicuously indicate that for a second year already UBB is utterly independent in financial terms from the parent bankthe National Bank of Greece-and steers its behavior on the Bulgarian market in similarity with all other Bulgarian banks, notwithstanding the situation of crisis in the neighboring Greece.

Our performance during the first half of 2015 conspicuously validates our motion forward at an even higher gear.“

The General Meeting of Shareholders has released from responsibility all Board of Directors’ members for their activity of managing the Bank over the period 1.01.2014 - 31.12.2014 and has re-elected as BoD members Mr. Stilian Vatev, Ms. Radka Toncheva and Mr. Konstantinos Bratos for a new three-year mandate.

The General Meeting, by recommendation of UBB Audit Committee, has elected Deloitte Audit OOD auditing company for performing an audit and certification of the Bank’s Y2015 financial statements.