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Bulgarian corporate deposits on the rise in Q3 2010

Bulgarian corporate deposits on the rise in Q3 2010Corporate deposits with Bulgarian banks surged by BGN 336.3 million in the third quarter of 2010 and their number returned to growth after a decline at the beginning of the year. According to data of the Bulgarian National Bank (BNB), the number of corporate deposits went up by 3,282 through July to September, or by BGN 336.3 million to a total BGN 12.23 billion. In annual terms, the drop in corporate savings with banks slowed down to 0.9% in September from 2.53% in June.

Since the beginning of 2009, the number of business deposits has been decreasing each quarter, which was explained with companies' decision to cover their working capital needs with savings instead of drawing loans due to the squeeze in lending. Business representatives also consider that the contraction in economy still bothers some of the companies.

The trade and repair of motor vehicles and motorcycles sector, which emerged as the segment borrowing the highest amount of bank loans in September, registered a growth in deposits for the first time in 15 months, rising by 1,418, or BGN 76.8 million.

Construction firms, however, which came second in terms of credit attraction, continued to rely on their savings for financing their corporate needs. Deposits of companies in the segment came in at BGN 1.07 billion, or 8.8% of total business deposits, keeping the downward trend registered at the beginning of the year in both number and size.

12 November 2010 - Dnevnik

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