UniCredit Leasing reports BGN 406 thousands profit after tax for 2004 and fourfold increase of leasing portfolio after less than 10 months under ownership of Bulbank. The number of clients increased with 249% compared to the previous year. The net operating income reaches BGN 693 thousand and the net interest income amounts to BGN 1,055 thousand.

UniCredit Leasing was established in February 2004 after acquiring Unileasing, undersized company with marginal market share and small number of clients. The company was restructured and renamed as UniCredit Leasing Bulgaria EAD.

The major delivery channel used is the bank’s branch network, providing for 89% of new transactions. The company fully aligned its business strategy in conformity with Bulbank’s preset priorities, focusing on corporate and small business segments and with its main products in vehicles and industrial equipment. Mid-corporate clients of UniCredit Leasing represent 61% of the total client base, small companies reached 24% of all clients and while big corporate are 14% of all.

The leasing portfolio is carefully diversified with prevailing share of industrial equipment reaching 55% of assets, automobiles – 12% and other vehicles at 29% of all assets. The market shar of UniCredit Leasing Bulgaria increases triple in the end of 2004 and reaches up to 8% of the leasing market, establishing itself as the fastest growing leasing company in Bulgaria.

Development plans of UniCredit Leasing for 2005 include further improvement of leasing products and introduction of new ones like car leasing for individuals and leasing of real estates, opening of 4 country representative leasing offices. Further diversification of leasing portfolio is planned, increasing the share of passenger vehicles.