RNCOS, a leading market research firm, said in its new report “Bulgaria Banking Sector Analysisâ€, with favorable consumer behavior and bankers’ aggressive campaigning to attract capital, deposits in Bulgarian banks will continue growing at accelerated pace in coming years.
Earlier, when access to credit in international markets was easy and cheap, Bulgarian banks had little incentive to go out of their way to pursue aggressive campaigns to build their deposit bases domestically. But as the unrelenting financial crisis continues to squeeze out available re-financing opportunities, lenders have increasingly started turning to customers to attract fresh capital from deposits, confirming what some bankers had forecasted at the start of 2008.
According to an analyst at RNCOS, “Banks are offering annual interest rates of over 9% on six-month deposits in Leva, rates that were unthinkable a year ago, and that started being offered on two- and three-year term deposits just few months back. Interest rates on deposits denominated in Euro are also reaching a record high, though around two percentage points lower on average than on deposits in Bulgarian currency.â€
Also, despite of the financial crisis, bank deposits remain the preferred investment instrument for Bulgarians. Bank deposits accounted for 65.2% of the 33.5 Billion Leva in financial wealth accumulated by Bulgarians, rising by 28% over the previous 12 months (December 2007 to November 2008).
“Bulgaria Banking Sector Analysis†provides thorough information on the Bulgarian banking industry and evaluates product quality and the services it offers. It also helps clients to identify the opportunities vital for the success of the banking industry in the country. It substantiates the in-depth analysis with statistical information on the banking industry so that investors, financial service providers and global banking players to understand the market.
Beside this, the report also gives forecast on disposable income, number of bankable households, loans/deposits ratio, loans/assets ratio, consumer loans, commercial loans, housing mortgage loans, and agriculture loans extended by the banking industry.
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RNCOS, incorporated in the year 2002, is an industry research firm. We are a team of industry experts who analyze data collected from credible sources. We provide industry insights and analysis that helps corporations to take timely and accurate business decision in today’s globally competitive environment.
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