PASHA Bank’s Turkish subsidiary makes significant profit in 2015
Baku, Azerbaijan, March 14
By Azad Hasanli - Trend:
Net profit of the PASHA Yatirim Bankasi A.S. [a subsidiary of the Azerbaijani PASHA Bank in Turkey] amounted to almost 8.8 million Turkish liras (about $3.07 million) in 2015, said the bank's financial report audited by PwC company.
The official exchange rate is 2,88 TLY/USD as of March 14.
The bank completed 2014 with a loss of 1.8 million Turkish liras, according to the audit results.
Over the year, the bank's assets increased more than five times - from 61.1 million to 322.4 million Turkish liras. Meanwhile, a little more than 28 percent of the bank's assets were placed in the foreign currency.
Loans take the major part of the bank's assets - 245.7 million Turkish liras, including the loans in foreign currency by 57.6 million in its equivalent in Turkish liras.
The amount of loans increased by 4.8 times during 2015, loans in foreign currency - by almost 16.5 times.
The bank's liabilities increased by 5.3 times and reached 322.4 million Turkish liras during the reporting period.
PASHA Yatirim Bankasi took out loans in foreign currency by 71.3 million in its equivalent in Turkish liras.
Off-balance sheet liabilities of PASHA Yatirim Bankasi increased by 8.8 times and totaled 406.8 million Turkish liras in 2015.
The amount of deposits increased by 4.8 times and reached 189.7 million Turkish liras in 2015, including 91.8 million in foreign currency.
Turkey's Banking Regulation and Supervision Agency (BRSA) approved PASHA Bank's purchasing 79.9 percent of TAIB Bank's [which was renamed to PASHA Yatirim Bankasi] shares on December 29, 2014 and increasing its share capital from 80 million Turkish liras to 255 million Turkish liras.
Pasha Bank is a leading corporate bank in Azerbaijan. The bank, founded in 2007, renders a range of corporate banking services, including issuing of loans, operations in the securities market, asset management, and treasury services.
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