The aggregate net profit of the banking sector declined by 5.7% y/y to BGN 550.4mn (EUR 281.4mn) in Jan-Nov 2011, central bank data showed. The contraction expanded from 0.5% y/y in Jan-Oct. In November alone, the net profit dropped by 45.2% y/y to BGN 36.8mn. Net interest income dropped by 8% y/y in November (for a fifth consecutive month though slowing from 8.5% y/y in October). Net fees and commissions went up by just 0.9% y/y after expanding by 10% y/y in October. Since the beginning of the year, net interest income declined by 1% in annual terms as interest revenues started falling faster than expenditures (down by 0.7% y/y and 0.3% y/y, respectively), just opposite to the trend from the previous months. Net fee and commission revenues rose by 4% y/y in Jan-Nov slowing from 4.3% y/y in Jan-Oct. Impairment remained broadly unchanged as compared to its level in Jan-Nov 2010. The expansion of the administration costs slowed to 3.8% y/y from 4% y/y in Jan-Oct.
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