The net non-consolidated profit of Bulgaria's Corporate Commercial Bank (Corpbank) grew 26% to BGN 71mn ( EUR 36.4mn ) in 2013, the bank said in a statement. The profit was boosted by strong income from debt trading operations, which reached net BGN 34.4mn in 2013 versus a net BGN 19.2mn a year earlier. Moreover, the bank's net fees and commissions earnings rose 5.3% to BGN 12.4mn. On the other hand, its net interest income declined 9.5% to BGN 88mn due to a significant increase in interest costs (up 57% to BGN 356mn), which surpassed the relatively smaller interest income growth (up 37% to BGN 444mn). The bank said last week it has signed an agreement to buy the Bulgarian unit of France's Credit Agricole for an undisclosed sum. Corpbank's assets are expected to increase to BGN 7.2bn ( EUR 3.6bn ) as a result of the transaction, which will be completed upon approval from the regulatory authorities. Corpbank's assets surged 19.6% from a year earlier to reach BGN 6.74bn at the end of 2013. The majority share of the bank is held by a local non-banking financial company named Bromak.
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