United Bulgarian Bank (UBB) reported 2016 profits of $62.2 million at its recent shareholders' meeting.

The bank also had one of the best indicators of all Bulgarian banks, returning 10.3 percent equity and an operating cost-to-income ratio of 37.8 percent, according to a bank press release.

"To us, the executive management and the board of directors of UBB, the year 2016 is yet another successful year, during which the bank has irrefutably proved its position as one of the leading banking institutions in Bulgaria, displaying upward growth trend and high level of shareholder profitability," Stilian Vatev, CEO of UBB, said in the release. "Our main objectives for the years ahead remain unchanged: service quality perfection, development of ever increasing number of new products, while persistently enhancing the bank’s significance to both the expansion of this country’s economy, as well as to Bulgarian households."  

Payout of dividends will take place in early May.