The day in 3 news: Higher Jan Bank Profits; Media Firm Takes Google To Court; Shelly Records 57% Sales Growth

The day in 3 news: Higher Jan Bank Profits; Media Firm Takes Google To Court; Shelly Records 57% Sales Growth

© Надежда Чипева

Banks Start 2024 With Good Profits

Banks reported 183.4 million levs in profits for the first month of 2024 according to aggregated data published by the BNB. This is 68 million levs, or 59.3%, above the level of January 2023, but about 100 million levs below the average monthly financial result of the sector for last year.

The figures are explained by seasonality rather than any slowdown. In January, most banks charge a large portion of their cost of contributions to the Deposit Guarantee Fund for the entire year. For example, last year the amount under this heading for January was 143 million levs, and for all other months a total of 63.2 million levs. Now for January the amount is even higher - 152.5 million levs, which is expected given the growth in deposits last year (payments are a percentage of the borrowed funds).

Biggest Bulgaria Sports Website Sportal Files Lawsuit Against Google

A total of 32 European media companies from 17 countries have filed a 2.1 billion euro lawsuit against Google, claiming that the US search giant's advertising practices have led to serious financial losses for the sector.

Among them is Bulgarian sports website Sportal.BG, whose owners are Stilyan Shishkov and the Swiss company Ringier. The leader in filing the case is the German media concern Axel Springer (owner of brands such as Politico, Bild, Welt, Business Insider, etc.). Big names also include Norway-based Schibsted, Benelux groups such as DPG Media and Mediahuis (owner of Euractive).

They accuse Google of being both a "broker, auctioneer and sales agent" of media ads, creating a conflict of interest.

Tech Manufacturer Shelly Records Revenue Spike

After the deadline for the Bulgarian listed companies to publish financial results for 2023 it became clear that one of the largest by capitalization - Shelly - has registered serious revenue growth. The manufacturer of technological products for the home registered 146 million levs in sales revenue, an increase of over 57% compared to the previous year.

The company. whose valuation reached 1 billion levs, claims that the launch of 21 new products and the introduction of three new product categories are the main cause of the jump.

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