Assets of VTB Bank Azerbaijan increase by more than twofold per year

Photo: Assets of VTB Bank Azerbaijan increase by more than twofold per year  / Economy news

Baku, Azerbaijan, Jan. 17
By Emin Aliyev - Trend:

The assets of VTB Bank (Azerbaijan) increased 2.4 times in 2013, reaching 207.9 million manat, chairman of board of VTB Group's subsidiary bank in Azerbaijan Alexander Eremin said today at a press conference on the bank's activity in 2013 and the plans for the future.

"All objectives, reflected in the business plan for the past year, were over fulfilled thanks to the coordinated work," he said. "The net profit amounted to 2.2 million manat at national and four million manat - International Financial Reporting Standards with the planned loss of 2.8 million manat."

"The bank's client base rapidly increased," he said.

"The number of the bank's customers increased by 2.4 times per year, reaching about 12,000 people," Eremin said.

VTB Bank (Azerbaijan) was the leader in terms of growth rate of most of the major indices in the banking sector in the country, the bank's chairman of board said.

"If we talk about the general statistics, the bank has significantly improved the positions, ranking 21-23 among the country's banks [43 banks in the country] on the main indices - loan portfolio, assets, income," he said. "Our goal for the coming years is to join the five largest Azerbaijani banks."

Shareholders of VTB Bank (Azerbaijan) are VTB Bank (51 percent) and AtaHolding (49 percent).

VTB Group ranks second in all major indices on the Russian banking market. VTB Bank has the highest rating of Moody `s Investors Service, Standard & Poor` s and Fitch international rating agencies among Russian banks.

The official exchange rate is 0.7844 AZN/USD on Jan. 17.

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