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Bulgarians Borrowed 1 bln Levs for Home Buys in the Past 12 Months

Bulgarians Borrowed 1 bln Levs for Home Buys in the Past 12 MonthsBulgarians were loaned by the local banks 1 bln levs in the past 12 months for the purchase of new homes, according to an H1 overview of the banking sector prepared by the Bulgarian National Bank (BNB). The collective mortgage loan portfolio of the banks stood at 2.58 bln levs in late June.
The BNB data indicates that the demand for mortgage loans is picking up. The mortgage loans disbursed in the first half of 2006 totalled 553 mln levs versus 499 mln levs a year ago.

The mortgage lending growth slowed to 71.3% by end-June but that is mainly due to the expanding base. The banks added 304 mln levs in consumer loans (35.6% of total loans) and 458 mln levs in commercial loans (60.8% of total loans) to their portfolios in the first half of 2006.

Credits extended in the local currency account for 54% of the banks' portfolio. However, euro credits are on the rise and now 43 of every 100 loaned levs are borrowed in the common currency. Retail and corporate deposits increased by 842 mln levs in June. The H1 profit of the banking sector rose 64 mln levs year-on-year to 342 mln levs while the assets of the sector increased by around a billion to 36 bln levs.

28 July 2006 - Dnevnik

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