Elana Agrocredit net profit declines 9.7% YoY in Q3 as lease portfolio shrinks (NEGATIVE)
Source: Elana Agrocredit; FFBH
Elana Agrocredit reported Q3 interest income of BGN 1.1 m (-5.4% YoY). This decline contributed to the reduction of Q3 net profit which stood at BGN 0.8m, down 9.7% YoY. Elana Agrocredit financial lease receivables reached BGN 39.2m (+0.3% YtD), despite the BGN 3.3m reduction in Q2. Loan portfolio declined BGN 2.4m in the quarter and stood at BGN 12.3m (-10.5% YtD). Total liabilities shrunk to BGN 20.5m (-6.3% QoQ) mostly on a decline on current liabilities. However, total liabilities are still up 29.5% YtD mostly on the drawing of bank debt to finance new business.