The consolidated H1 results for 2008 of Bulgarian American Credit Bank /BACB/ showed two major developments – a deceleration in the loan portfolio growth (but with some significant pipeline) and a slight decrease in net interest margin due to continued increase in the cost of funding. That said, the YoY financial performance of the bank continued to be strong with assets up 29% YoY (to BGN 780m), net loans to NFI up 37% (to BGN 652m), net income up 25% (to BGN 31m), net interest margin of 11.8% (down 20bps), cost/income of 13% (down 2 p.p.) and ROaE of 37% (virtually unchanged).