BAKU, Azerbaijan, April 29
By Eldar Janashvili - Trend:
A decision was made at the recent meeting of shareholders of Azerbaijan’s Yelo Bank to increase the authorized capital of the bank by 30 million manat ($17 million), Chairman of the bank's board Nikoloz Shurgaia told reporters at a briefing in Baku, Trend reports on April 29.
“The plans of capitalizing the bank in three tranches were voiced at the meeting,” the chairman said. “So far, the bank does not need big capital as the priority is to increase profitability up to 20 percent of capital.”
"So, as of 2019, our profitability amounted to about four million manat ($2.3 million) with a capital of 67 million manat ($39 million), that is, a little more than five percent," the chairman said.
(1 USD = 1.7 AZN on April 29)
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