The Quality of Lending Activity in Bulgaria
Financial result of banks is strongly dependent on the ability of their credit portfolios to generate enough revenue at risk which credit institutions find acceptable. In order to achieve stability and desirable growth of market share, banks aim to maintain a good quality of loan commitments underta...
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nasplib_isofts_kiev_ua-123456789-876302025-02-09T17:19:23Z The Quality of Lending Activity in Bulgaria Якість позикової діяльності у Болгарії Качество заемной деятельности в Болгарии Marinov I. Finance Financial result of banks is strongly dependent on the ability of their credit portfolios to generate enough revenue at risk which credit institutions find acceptable. In order to achieve stability and desirable growth of market share, banks aim to maintain a good quality of loan commitments undertaken by their clients. In this regard, expert analysis and evaluation of the suitability of bank lending are of great information significance to the management structures and successful development of commercial banks. Фінансовий результат банків залежить від здатності їх кредитних портфелів, щоб робити досить доходу в ризику, який кредитні установи знаходять прийнятним. Для того, щоб досягти стабільності і бажаного зростання ринку, банки прагнуть підтримувати добротність зобов'язань по позиках, виданих їх клієнтах. В цьому відношенні, експертиза і оцінка придатності банківського надання є великим інформаційним значенням до структур управління і успішного розвитку комерційних банків. Финансовый результат банков настоятельно зависит от способности их кредитных портфелей, чтобы производить достаточно дохода в риске, который кредитные учреждения находят приемлемым. Для того, чтобы достичь стабильности и желательного роста рынка, банки стремятся поддерживать добротность обязательств по ссудам, выданным их клиентам. В этом отношении, экспертиза и оценка пригодности банковского предоставления являются большим информационным значением к структурам управления и успешному развитию коммерческих банков. 2014 Article The Quality of Lending Activity in Bulgaria / I. Marinov // Економічний вісник Донбасу. — 2014. — № 4(38). — С. 109-114. — Бібліогр.: 7 назв. — англ. 1817-3772 https://nasplib.isofts.kiev.ua/handle/123456789/87630 336.27 (497.2) en Економічний вісник Донбасу application/pdf Інститут економіки промисловості НАН України |
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Finance Finance Marinov I. The Quality of Lending Activity in Bulgaria Економічний вісник Донбасу |
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Financial result of banks is strongly dependent on the ability of their credit portfolios to generate enough revenue at risk which credit institutions find acceptable. In order to achieve stability and desirable growth of market share, banks aim to maintain a good quality of loan commitments undertaken by their clients. In this regard, expert analysis and evaluation of the suitability of bank lending are of great information significance to the management structures and successful development of commercial banks. |
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Marinov I. |
| author_facet |
Marinov I. |
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Marinov I. |
| title |
The Quality of Lending Activity in Bulgaria |
| title_short |
The Quality of Lending Activity in Bulgaria |
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The Quality of Lending Activity in Bulgaria |
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The Quality of Lending Activity in Bulgaria |
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The Quality of Lending Activity in Bulgaria |
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quality of lending activity in bulgaria |
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Інститут економіки промисловості НАН України |
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2014 |
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Finance |
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https://nasplib.isofts.kiev.ua/handle/123456789/87630 |
| citation_txt |
The Quality of Lending Activity in Bulgaria / I. Marinov // Економічний вісник Донбасу. — 2014. — № 4(38). — С. 109-114. — Бібліогр.: 7 назв. — англ. |
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Економічний вісник Донбасу |
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2025-11-28T15:34:59Z |
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I. Marinov
109
Економічний вісник Донбасу № 4(38), 2014
UDC 336.27 (497.2)
Ivan Marinov,
Assist. prof., D. A. Tsenov Academy of Economics, Bulgaria
THE QUALITY OF LENDING ACTIVITY IN BULGARIA
Introduction
The object of this study is the quality of credit
exposures provided by the banking system of the Re-
public of Bulgaria. The aim of the study is to give a
summarized situational assessment of the quality of
bank lending in the period 2009-2014, as results are
achieved through solving the following tasks:
1. The significance of lending for the banking
system in the period 2009-2014 is pointed out by cov-
ering bank credit activity1;
2. The total share of problematic credit exposures
of the banking system in the period 2009-2014 is ana-
lyzed;
3. Profitability, provided by credit agreements
concluded by companies in the banking sector for the
period 2009-2014 is specified.
The thesis defended by the author is as follows:
There is ‘erosion’ in the general credit portfolio of
Bulgarian banking system in the period 2009-20014
due to a significant decrease in the amount of new
credits in the private sector, the emergence of large
amounts of problematic credit exposures, and contrac-
tion of bank revenues from lending activity.
I.
Based on the importance of credit activity to the
development of banking systems worldwide, Bulgarian
banks do not differ in regard to the susceptibility of
their financial results to the share of their credit portfo-
lios in the total amount of assets2. Lending activity of
Bulgarian banks constitutes a major share and consid-
erably exceeds the share of investments in securities
and other assets which do not generate revenue (see
Table 1). The main reason for this is the lack of tradi-
tions in investment banking and the fact that the main
activity of Bulgarian banks is lending.
The impact of the global financial crisis quite
negatively affected the activity and behaviour of banks,
but did not change the primary importance of credit
activity. In the future lending to households and busi-
nesses is expected to continue to engage most of the
banking resource.
1 It was specified through analysis of the volume of
implemented new credit agreements with non-financial
enterprises and households.
2 For more details see: Adamov, V. Upravlenie na
kapitalite v targovskata banka, Tsenov Publishing House,
Svishtov, 2013, pp. 17-22.
Data in Table 1 shows that most of the time since
20093, the quota of total credit portfolio of the banking
sector has recorded annual decline, as accumulation of
this negative effect by the end of 2014 is equal to a
reduction of credits, granted by banks, to the amount of
7.67%. The largest decline in credits was in 2012,
worth BGN 3.44 m.
The rest of the assets, other than granted loans
record a positive increase in their share in the balance
sheet of the banking system, as the greatest is the posi-
tive change in securities to the amount of 4.69%. On a
small scale is the increase in the share of other unprof-
itable assets for the five-year period – 1.87%. Despite
the reduction in the share of loans in the asset of the
Bulgarian banking system since 2009, the concluded
credit agreements continue to be crucial to the opera-
tion of Bulgarian banks.
Data shown in Table 1 is valuable, but is not
comprehensive enough to draw definitive conclusions
on the quality of loan receivables. To achieve the main
objective of the study, changes in the amount of newly
granted bank credits to non-financial enterprises and
households4 must also be traced, as according to the
author it is more rational to pay attention to the chang-
es in the new business of banks, rather than to focus
only on the residual balance sheet value of the author-
ized loans.
In this case, in order to gain a complete picture of
the quality status of lending activity, 2007 and 2008
are added to the analysis, which helps to supplement
and specify the results. The conclusions that can be
drawn from the data shown in Table 2 are the follow-
ing:
At the end of 2009, as compared to 2008, there
was a negative change of BGN 8,626.0 m in the total
amount of new bank credits to non-financial enterpris-
es and households which is a greater decline in lending
in relation to the negative growth in 2008 as compared
to 2007 when the negative difference was BGN 598.4
m.
3 Only at the end of 2013 compared to the same
period of 2012 banking system accounted for a slight
increase of 0.51% in its general credit portfolio.
4 For more details see: Pavlova, M. Finansovi
strategii i investitsionna aktivnost na domakinstvata v
Bulgaria, Annual almanac. Scientific research of Ph.D.
students at D. A. Tsenov Academy of Economics –
Svishtov, issue 7, Tsenov Publishing House, 2014,
pp. 217-234.
I. Marinov
110
Економічний вісник Донбасу № 4(38), 2014
Table 1
Share of balance sheet items in the total amount of bank assets for the period 2009-2014 (%)1
Share of balance
sheet items in the
total amount of
assets in the
banking sector
(%)
Years (as of 31st December)
Cumulate
change
2009 2010 2011 2012 2013 2014
Credits and
receivables
81.53 79.24 78.61 75.17 75.68 73.86 -7.67
Securities* 6.68 8.05 8.59 10.11 10.68 11.37 +4.69
Other assets** 11.79 12.72 12.80 14.72 13.64 14.77 +2.98
Total 100 100 100 100 100 100
Source: BNB, Financial and supervisory statements – data, Balance sheet and income statement of the banking
system, by groups of banks as well as by author’s calculations.
1 http://bnb.bg/BankSupervision/BSCreditInstitution/BSCIFinansReports/BSCIFRBankingSystem/BS_20141
1_BG.
* The item includes: Financial assets held for trading, Financial assets determined according to fair value in profit
or loss, Financial assets available for sale, Investments held to maturity, Derivatives - Hedge Accounting, Investments
in associate companies, subsidiaries and joint ventures (accounted for using the equity method – including goodwill).
** The position includes: cash and cash balances with central banks, tangible and intangible assets, tax assets and
non-current assets, and groups of assets for withdrawal, classified as held for sale.
Table 2
New business credits in the banking system (2007–2014)1
*New credits
without credits
to financial
institutions
(million BGN) *
Years (as of 31.12.)
2007 2008 2009 2010 2011 2012 2013 2014
I. Non-financial
institutions**
13,758.6 12,953.1 10,097.1 9,192.0 14,235.4 14,686.9 13,945.9 14,183.7
II. Households 8,786.5 8,993.5 3,223.5 3,389.2 3,811.0 3,826.0 4,133.7 4,170.7
Consumer 4,517.2 4,995.0 1,649.6 1,782.4 2,157.6 2,357.6 2,597.6 2,550.8
2. Mortgage 3,487.7 3,222.9 1,206.5 1,308.2 1,282.3 1,171.6 1,242.2 1,330.0
3. Other*** 781.5 775.6 367.4 298.5 371.0 296.8 293.9 289.8
Total 22,545.2 21,946.7 13,320.7 12,581.3 18,046.4 18,513.0 18,079.7 18,354.5
Annual change
-598.4 -8,626.0 -739.3 5,465.1 466.5 -433.3
Source: BNB, Interest rate statistics and author’s calculations.
1 http://stat.bnb.bg/bnb/dd/IR_NBO_LOAN_NEW.nsf/fsWebIndexBG.
* Interest rate statistics of BNB includes information for new business loans to local non-financial enterprises,
households and NPISHs
* Includes credit agreements between banks and enterprises, producing goods, or companies, providing non-
financial services
** Includes credits to households other than those shown in sections 1 and 2 in Table 2, including loans intended
for training and treatment, and credits to non-profit institutions serving households (NPISHs)
I. Marinov
111
Економічний вісник Донбасу № 4(38), 2014
These unfavorable results are a consequence of
the contraction in demand and supply of authorized
credits. Reported fluctuations at the end of December
2009 towards the same period of 2008 in different
segments are as follows: authorized loans lent to non-
financial enterprises are less than BGN 2,856.0 m;
consumption bank credit financing is BGN 3,345.3m
and less than BGN 2,016.4m is the amount of author-
ized loans against mortgage of immovable property;
The negative for the banking sector trend of
slowdown in credit growth continued in 2010. Data in
Table 2 shows that authorized bank loans to non-
financial enterprises accounted for at the end of 2010
towards 2009, are BGN 905.0 m less, while total loan
portfolio of households marks more new loans in 2010
than in 2009, exceeding the amount of BGN 165.6 m.
Although relatively low, in 2010 mortgage and
consumer loans succeeded in anticipating their growth
in 2009 with BGN 101.7 m and BGN 132.8 m respec-
tively, as only other loans to households recorded a
negative growth of BGN 68.9 m;
In 2011, bank lending activity in the ‘Non-
financial enterprises’ sector marked significant pro-
gress compared to the previous 2010. This was mainly
due to the increase in new loan agreements between
banks and companies outside the financial sector,
which were BGN 5,043.3 m more than in 2010, and the
slight, but greater growth in total loan portfolio of
households as compared to 2010. Residential lending,
heavily affected by the financial crisis, marked weaker
activity in 2011 than in 2010;
There was no significant change in the volume
of new loan commitments entered into by enterprises
and household sector in the period 2012-2014. The
amount of new bank credits intended for the private
sector over the three years was slightly larger than in
2011 (18,513.0 at the end of 2012, 18,079.7 in 2013,
and 18,354.5 at the end of 2014).
For the first time at the end of 2013, there was a
weaker lending activity on an annual basis for non-
financial companies. Contracts for loans with enter-
prises recorded at the end of 2013 were BGN 741 m
less than in 2012. However, there was animation in
2013 with households, as the total amount of consum-
er, residential and other loans was BGN 307. 7 m more
s so in 2012.
After analyzing data generated by the statistics of
the Bulgarian National Bank it may be concluded that
since the beginning of 2009 the banking system in the
country has experienced a significant slowdown in its
lending activity. This is mainly due to declines in con-
sumer and residential loans, which had a major role in
the development of bank credit intermediation in Bul-
garia prior to the financial crisis.
II
Credit risk is traditional and is the most common
in the mix of risks which ‘attack’ the business of
banks. Accurate assessment of the status of banking
system’s loan portfolio requires its risk profile1 to be
traced. Prevention against taking unjustified risks is
part of an effective and well-defined credit policy of
banks2. In case that in the development of credit stand-
ards there are errors or negligence, borrowers who are
not reliable are attracted, or economic situation destabi-
lize creditworthiness of customers, the bank suffers
losses and contraction of revenues from lending activi-
ty. Executive officers as well as employees in subdivi-
sions of banks are responsible for problem loans within
the bank.
After careful analysis of information provided in
Table 3, which gives an idea of credit exposures of
over a month overdue principal and interest servicing
(those outside the regular), it can be argued that since
2009 statistics has been disturbing, especially in regard
to claims on loans classified as loss3. With these credit
exposures it is almost not likely to recover amounts
owed by customers. If we compare the acceptable theo-
retical values of about 1% of loans within the group
‘loss’4 with their actual amount, it can be concluded
that the banking system as a whole does not manage
well its loan portfolio.
Data in Table 3 shows that the contraction of the
banking system’s loan portfolio was accompanied by a
significant increase in loans overdue for over 6 months.
Only in 2010 loans classified as ‘loss’ increased by
3.63%, and the total percentage increase in these expo-
sures in the period 2009-2014 was 9.37%.
The problem related to the occurrence of a large
amount of non-performing loans in Bulgarian banking
sector was generated prior to 2009, but the high credit
growth in 2005-2008 was able to absorb the formation
of ‘pollution’ of loan portfolios. In risk management
immediately prior to the financial crisis, banks relied
1 For more details see: Vatev, Zh., Bozhinov, B.
Analiz na bankovata deynost, , Tsenov Publishing House,
Svishtov, 2013, pp. 73-75
2 For more details see: Angelov, G. The Challenges
of bank management in a globalizing world (Predizvi-
katestva pred bankoviya menidzhmant v globalizirashtiya
se svyat), Проблемы развития внешнеэкономических
связей и привлечения иностранных инвестиций:
региональный аспект : Сборник научных трудов -
Донецк, ДонНУ, 2014 г., pp. 6-8
3 According to Instruction № 9, active until the end
of April 2014, on the assessment and classification of risk
exposures of banks and formation of provisions for
impairment losses.
4 Vatev, Zh., Bozhinov, B., op. cit., p.76
I. Marinov
112
Економічний вісник Донбасу № 4(38), 2014
Table 3
Percentage growth in gross loans and quota of classified loans of the banking sector (2009-2014)1
Banking sector
Years (as of 31.12.)
2009 2010 2011 2012 2013 2014
Growth in gross loans (%) 5.12 2.77 4.62 0.58 5.23 -2.27
Overdue > 30 ≤ 90 (%) 6.05 7.95 7.22 6.37 5.49 4.79
Overdue > 90 ≤ 180 (%) 1.71 2.69 2.77 2.55 1.95 2.10
Overdue > 180 (%) 3.61 7.24 10.23 12.30 12.54 11.98
Source: BNB, Financial and supervisory reports – data, Information on credit quality, impairment and specific
provisions for credit risk, and author’s calculations.
1 http://bnb.bg/BankSupervision/BSCreditInstitution/BSCIFinansReports/BSCIFRBankingSystem/BS_ 201 411 _
BG.
more on favorable values of the regular / bad credits
ratio (loans overdue more than 90 days) rather than
focusing on high-risk profile of part of the business
customers and individual borrowers.
Another aspect in assessing the quality of bank
lending in Bulgaria is the analysis of revenue generated
from loan portfolios of banks. The information provid-
ed in Table 4 shows that profitability of loans in the
private sector in the period 2009-2014 decreased con-
tinuously. Negative results were valid for both seg-
ments – non-financial enterprises and retail exposures
(consumer and mortgage loans).
Although the annual reduction of bank revenue
from interest made by credit contracts is relatively slow
such is observed throughout the five-year period of this
study. The most noticeable is the reduction of revenue
from interest made by business lending – BGN 838 m,
as revenue from interest made by mortgage and con-
sumer lending have similar reduction for the period
2009–2014, respectively BGN 153 m and BGN 150 m.
The negative growth in revenue from interest made by
bank credit operations is a logical consequence of the
limitation of new businesses and the occurrence of a
large amount of problem credits after 2009.
Table 4
Revenue from interest on loans, authorized by Bulgarian banking sector (2009–2014)1
Revenue from interest on
loans in the banking sector
(m BGN)
Years (as of 31.12.) Cumulate
change
2009 2010 2011 2012 2013 2014
I. Non-financial enterprises 2,752 2,713 2,688 2,550 2,468 1,914 -838
II. Retail exposures 1,915 1,945 1,865 1,754 1,674 1,612 -303
1. Mortgage loans 793 786 790 728 673 640 -153
2. Consumer credits 1,122 1,159 1,075 1,026 1,000 972 -150
Total revenue 4,667 4,658 4,553 4,304 4,142 3,526 -1,141
Source: BNB, data on banking system and groups of banks, Securities. Loans and advances. Borrowings of the
banking system and by groups of banks, Loans and Advances (gross) by types of currencies, information on specific
provisions for impairment losses and revenue from interest, and author’s calculations.
1 http://bnb.bg/BankSupervision/BSCreditInstitution/BSCIFinansReports/BSCIFRBankingSystem/BS_20141
2_BG.
I. Marinov
113
Економічний вісник Донбасу № 4(38), 2014
The profile of Bulgarian banks can give a clear
answer to the question what the sources of income are,
which in turn determines the ability of banks to look
for effective ways of restructuring and diversification
of investments and the maximization of profit. With
high informative significance in assessing the quality
of bank lending are the indicators net (pure) interest
margin and return on assets in the sector, given in Ta-
ble 5. Having in mind the high share of loans to the
private sector (excluding financial institutions), net
interest margin can be formed as a ratio between the
difference of revenue from interest generated by loan
agreements with businesses and households, the cost of
deposits of companies and individuals, and the total
amount of the banking system’s assets.
Table 5
Net interest margin and profitability of the banking system’s assets (2009–2014)
Banking sector
Years (as of 31.12.) Cumulate
change
2009 2010 2011 2012 2013 2014
Net interest margin (%) 4.16 3.94 3.65 2.99 2.75 2.74 -1.42
ROA (%) 1.1 0.84 0.76 0.69 0.68 0.88 -0.22
Source: BNB, Data on banking system and groups of banks, Balance sheet and income statement of the banking
system, Securities, Loans and advances. Borrowed funds in the banking system and by groups of banks, Loans and
Advances (gross) by types of currencies, information on specific provisions for impairment losses and revenue from
interest, and author’s calculations
Data in Table 5 for the period 2009-2014 clearly
shows the gradual but continuous decline in annual
values of the banking sector’s pure interest margin.
This is a signal for a weaker opportunity for revenues
from credit bank operations to cover their interest ex-
penses on borrowed by companies and citizens depos-
its at a certain level of the banking system’s assets.
Provided that assets of the sector increase throughout
the five-year period covered in the analysis, the inabil-
ity of interest income from credit operations to absorb
the paid by banks costs of their deposit taking activity
is evidence of the emergence of a growing volume of
poor credit exposures and of general reduction in the
scale of lending.
Referring to the existing correlation between the
contribution of lending to the final financial bank re-
sults (in this case measured by the ROA ratio) one can
see that the main source of income for banks – lending,
reduces its effectiveness. ROA decreased from 1.1% in
2009 to 0.88% at the end of 2014.
* * *
The survey results confirm the thesis, previously
set by the author. There was a significant deterioration
of indicators, forming the final assessment of the quali-
ty of banking sector’s lending activity in the Republic
of Bulgaria in the period 2009-2014. Data provided by
the Bulgarian National Bank explicitly shows the grad-
ual and sustained slowdown in bank lending in the
country and the continued accumulation of poor quality
credit exposures within the five-year period covered in
this study.
The study of credit intermediation among busi-
ness and household sectors shows a significant re-
striction of the possibilities for revenue realization,
whilst the volume of problem loans has been growing
rapidly since 2009. Especially negative is the fact that
during the period, risk exposures classified as ‘loss’
increase their share in relation to pass loans. Practical-
ly, for these loan commitments there are no real chanc-
es even for a partial recovery of the cost of a loan.
Substantial reduction in interest income on loans,
especially those made by credit business financing,
must naturally be uncomfortable for banks as non-
financial enterprises are the engine of the economy and
their investment needs for credit resources are the
greatest.
The effectiveness of bank credit operations also
decreases, which is mainly testified by the constant
contraction of revenue from interest by the end of 2014
and the contraction of the net interest margin, as the
annual decline in the latter compared to a prior period
is at a faster pace.
In conclusion, one of the main challenges facing
banks is to find ways to prevent high credit risk, arising
primarily from impaired solvency of a great part of the
population and enterprises in the country in recent
years. A great problem turns out to be the more con-
servative attitude of businesses and households to cred-
it financing as a tool for development and improve-
ment of the general welfare of economic agents. The
latter limits at a great extent the possibility of placing
credit products and expanding the market share of
commercial banks.
References
1. Adamov, V. Upravlenie na kapitalite v tar-
govskata banka. Tsenov Publishing House, Svishtov,
2013. 2. Angelov, G. The challenges of bank manage-
ment in a globalizing world (Predizvikatelstva pred
I. Marinov
114
Економічний вісник Донбасу № 4(38), 2014
bankoviya menidzhmant v globalizirashtiya se svyat),
Проблемы развития внешнеэкономических связей
и привлечения иностранных инвестиций: регио-
нальный аспект : Сборник научных трудов - До-
нецк, ДонНУ. 3. Dimitrova, T. Analiz na problemnite
kredity na domakinstvata v usloviyata na finansova
kriza. Finance, issue 111, 2010. 4. Dimitrova, T.
Bankovo obsluzhvane na ikonomicheskite agenti,
Tsenov Publishing House, Svishtov, 2013. 5. Pavlova,
M. Finansovi strategii i investitsionna aktivnost na
domakinstvata v Bulgaria, Annual almanac. Scientific
research of Ph.D. students at D. A. Tsenov Academy of
Economics – Svishtov, issue 7, Tsenov Publishing
House, 2014. 6. Vatev, Zh., Bozinov, B. Analiz na
bankovata deynost, Tsenov Publishing House,
Svishtov, 2013. 7. www.bnb.bg.
Maринов І. Якість позикової діяльності у
Болгарії
Фінансовий результат банків залежить від зда-
тності їх кредитних портфелів, щоб робити досить
доходу в ризику, який кредитні установи знаходять
прийнятним. Для того, щоб досягти стабільності і
бажаного зростання ринку, банки прагнуть підтри-
мувати добротність зобов'язань по позиках, вида-
них їх клієнтах. В цьому відношенні, експертиза і
оцінка придатності банківського надання є великим
інформаційним значенням до структур управління і
успішного розвитку комерційних банків.
Ключові слова: комерційні банки, акціонерний
капітал власників, достатність основного капіталу,
глобальна фінансова криза.
Maринов И. Качество заемной деятельности
в Болгарии
Финансовый результат банков настоятельно
зависит от способности их кредитных портфелей,
чтобы производить достаточно дохода в риске,
который кредитные учреждения находят приемле-
мым. Для того, чтобы достичь стабильности и же-
лательного роста рынка, банки стремятся поддер-
живать добротность обязательств по ссудам, вы-
данным их клиентам. В этом отношении, эксперти-
за и оценка пригодности банковского предоставле-
ния являются большим информационным значени-
ем к структурам управления и успешному разви-
тию коммерческих банков.
Ключевые слова: коммерческие банки, акцио-
нерный капитал владельцев, достаточность основ-
ного капитала, глобальный финансовый кризис.
Marinov І. The Quality of Lending Activity in
Bulgaria
Financial result of banks is strongly dependent on
the ability of their credit portfolios to generate enough
revenue at risk which credit institutions find accepta-
ble. In order to achieve stability and desirable growth
of market share, banks aim to maintain a good quality
of loan commitments undertaken by their clients. In
this regard, expert analysis and evaluation of the suita-
bility of bank lending are of great information signifi-
cance to the management structures and successful
development of commercial banks.
Keywords: commercial banks, owners’ equity,
capital adequacy, global financial crisis
JEL: G10, G21
Received by the editors: 16.11.2014
and final form 23.12.2014
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