On 17 February 2007 the stateвЂ"run bank Kapital Bank held an annual meeting dedicated to results of activities implemented in 2006, Trend reports. The meeting was held with the participation of heads of Bank's branches. Kapital Bank is leader for number of branches which currently constitute 88. At the same time, around 100 cash vending machines function in the country.
Rauf Rzayev, the Chairman of the Bank's Management, appraised the results of activities implemented last year. An international rating agency Fitch boosted rating of Kapital Bank, awarding it with long-term rating Р'Р'-, short-term rating Р', and support rating 3'. In 2006 РіРѕРґСѓ another rating agency Moody`s Investors Service awarded Kapital Bank with Ba2\NP on long-term and short-term deposits in foreign currency, Baa2\P-2 on deposits in manats and financial reliability rating E+. Forecast on all ratings is stable.
As an agent of the Government in the implementation of social and economic projects, including those with national significance, Kapital plays a considerable role in the country's payment system and economy.
Last year the Bank commissioned its own express money transfer system Khazri in the country. It will enable the Bank, which holds essential part of money transfers, to carry out express money transfers at low tariffs.
Mr. Rzayev said that Kapital Bank supports a State Program on Development of Regions and finances the projects of social significance, such as opening of a plant on production of television technique STAR in Shemakha District.
According to 1 January 2007, assets of Kapital Bank made up 148,879mln manats, with an increase of 50.8%. Credit portfolio of the Bank rose 36.2% and comprised 60,795mln manats, while the liabilities reached 123,094mln manats (up 58.9%), where deposits comprise 105,224mln manats with Р°n increase of 52.6%.
As of end of the year the balance capital of Kapital Bank made up 25,785mln manats, whereas the aggregate capital rose from 17,180mn manats as of 1 January 2006 to 19,908mln manats as of 1 January 2007. The statutory capital was fore don the level of 12mln manats with an increase of 1mln manats over the year.