VTB Bank Azerbaijan completed 2019 with profit

Economy Materials 4 March 2020 20:24 (UTC +04:00)

BAKU, Azerbaijan, March 4

By Eldar Janashvili – Trend:

VTB Bank Azerbaijan completed 2019 with profit, Chairman of board of VTB Bank Azerbaijan Yevgeniy Kirin said.

Kirin made the remark in Baku at the press-conference on the results of the bank’s activity in 2019, Trend reports on March 4.

The chairman said that the bank completed 2019 with the profit worth 4.8 million manat ($2.8 million).

“The net interest income for 2019 amounted to 3.8 million manat ($2.2 million), while net commission income - 1.2 million manat ($705 million), which is 54 percent (0.4 million manat that’s $235 million) more than in 2018,” the chairman added. “The bank’s operating profit amounted to 6.5 million manat ($3.8 million).”

“As of December 31, 2019, the total capital of the bank amounted to 58 million manat ($34 million), which is nine percent more compared to the beginning of the year,” Kirin added. “The bank's capital adequacy in accordance with the Azerbaijani Central Bank’s (CBA) requirements reached 58.5 percent. During the reporting period, the healthy loan portfolio of individuals increased by 1.8 times.”

“This growth was achieved through the issuance of mortgage and cash loans, as well as credit cards,” Kirin said. “The healthy loan portfolio of legal entities increased by 2.9 times. The bank's deposit portfolio, amounting to 70.1 million manat ($41.2 million), was almost equally divided between legal entities and individuals.”

“The demand deposits grew by six percent over the year and amounted to 49 percent of the total amount of customer funds in the bank,” the chairman said. “The number of bank cards issued by the bank exceeded 4,700 in 2019, which is 45 percent more than in 2018. The number of internet banking users has increased by 86 percent compared to 2018.”

"We carried out great work aimed at expanding remote access channels to the bank's services in 2019, which, on the one hand, helps to improve the quality of service and on the other hand, helps to solve the state tasks to reduce the share of cash payments in the economy,” Kirin said. “The bank will continue its active work on digital transformation this year."