Today, Bulbank's Annual General Meeting of Shareholders approved 2002 financial statements, showing improved financial performance.

Despite the sharp drop in the market interest rates and the US dollar depreciation the largest Bulgarian bank reports 28% growth of net operating income to BGN 98.8 million thanks to 14% growth in revenues and 3.6% cut in costs. Net profit is BGN 95.6mn, 36% share in the net profit of the banking system. It grows 36% weighing off the provision effect.

During the reported year, the bank continued developing its customer focused business model and accelerated lending, increasing loan portfolio by 56% to BGN 564mn. The bank increased its customer base by more than 40,000 customers. In January 2003, the bank first in the country started to offer sale of mutual funds. Standard & Poor’s upgraded its credit rating to BB/positive/B, the highest one of all Bulgarian banks.