Doverie subsidiary books 2019 net profit of BGN 68.8m (POSITIVE)

Doverie United Holding announced the 2019 financial results of its subsidiary Moldindconbank. The net profit of the bank surged 35.6% YoY to BGN 68.8m while the equity of the bank rose 26.3% YoY to BGN 330.9m. Total assets as of end-2019 amounted to BGN 1.9bn with market share of 20.35% (2nd place on the market). Gross loans increased by 11.3% YoY to BGN 766.3m with a market share of 18.72%. The NPL ratio declined to 2.85% at end-2019 compared to 8.91% at end-2018. Doverie holds 77.63% stake in the bank acquired for c.BGN 92m in two main tranches last summer. The holding is likely to start consolidating the bank after taking effective control at the end of 2019.