DSK BANK WRITES A RECORD HIGH PROFIT IN 2003
In the middle of the week (January 28, 2004) DSK Bank had a national leadership meeting with the participation of Dr. Zoltan Speder, Deputy Chairman of the Supervisory Board, the Management Board of DSK, chaired by Dr. Krasimir Angarski, leading managers from DSK office and the regional branch managers. The meeting discussed the preliminary results of DSK Bank for 2003, as well as its business plan and targets for 2004.After completing 2002 with a record increase of assets and profit, DSK Bank ends 2003, according to preliminary data, with another record high profit before taxation of BGN63.9MN, up BGN1MN from the preceding year. After tax profit increased by BGN7.8MN to BGN48.5MN. The credit institution maintained its efficiency at the high level achieved in 2002, although the bank's fixed assets rose due to re-evaluation at 2002 year-end. Return on assets is 2.18% as of December 31, 2003, and return on equity - 17.2 per cent.In 2003 DSK Bank's assets saw an increase by BGN371.6MN and reached BGN2.391BN, thus resistering year-on-year growth of 18.4 per cent. The increase itself of BGN371MN is larger than the assets of any of the 24 smaller banks in Bulgaria.Attracted funds from clients amount to more than BGN2.035BN, having grown by BGN324.7MN. The deposit base marks a substantial annual growth of 19 per cent.DSK Bank is the largest lender in Bulgaria and throughout the year it extended its credit exposure by BGN298.6MN. At the year-end the financial institution's credit portfolio amounted to BGN1.245BN, as compared to BGN947MN for the preceding year, thus marking an annual growth of 31.5 per cent.Loans provided to households in 2003 are higher by BGN200MN, and to companies - by BGN99MN. Credits to individuals total BGN989MN, and those to companies amount to - BGN256MN.