POST BANK TO PAY DIVIDEND TO THE STATE FOR THE LAST TIME
This is the last year in which Bulgarian Post Bank is paying a dividend from its profit to the state budget. The privatisation agreement obliged the financial institution to pay dividends to the Treasury for five years. In 2003, the State will receive 10% of the dividend of the foreign investors and the payment amounts to BGN300,000. Post Bank's 2002 profit reached BGN7.616MN, the managers of the private bank announced at the end of their general meeting, held on June 24. Half of this profit will be allocated to the reserve fund, and the remaining BGN3.808MN will be paid in dividend. In 2002, the profit per share of the bank went up by BGN69.02 - up to 0.74%, and the bank's assets increased by 23% from the previous year. Post Bank's credit portfolio rose by 33% as compared to 2001, and the amount of deposits went up by 15 per cent. Martin Zaimov was introduced for the first time since he was appointed Chairman of the Managing Board of Bulgarian Post Bank. In order to assume that position last February, Mr. Zaimov resigned as Deputy Governor of the Bulgarian National Bank and Head of the central bank's Issue Department. In the first five months of the current year Post Bank has launched a few successful product campaigns - for example, the promotion of 20-minute express reply Fast Consumer Credits, and the Junior Star savings insurance programme. The small business loans, launched under the new Partners programme, which consists of six credit products, covers all financial needs of the small companies. Thanks to the modern consumer products, Post Bank strengthened its leading position on the Bulgarian banking market, Panagiotis Varelas, Chief Executive Director of the bank, said. Every year the credits that we launch exceed by BGN100MN those extended 12 months earlier, the banker recalled.