The year of 2007 got the next year of achievements for the Micro Finance Bank of Azerbaijan

Baku, Azerbaijan, February 3 / Trend / Within the last year of 2007 the total assets of MFBA increased to 141% and reached USD 133 million up to the end of December whereas this index was in the level of USD 55,4 million in December 2006. This increase was basing upon involvement of high amount of credit lines from various international financial institutions and investors in sum of over USD 60 million, including two historically important credits for Azerbaijan. Loan obligations (so-called bonds) in sum of USD 11,4 million were issued for 5-year period through the Luxemburg securitization mechanism to the international capital market. These bonds were the first obligations issued for Azerbaijani bank in the international capital market and firstly in the world for one microfinance institution. Furthermore, in December MFBA gained the first credit for Azerbaijan allocated by financial institution of international private sector in AZN. Credit in amount of AZN 4,2 million was granted by the SNS Microfinance Fund. Consequently it's possible to conclude that MFBA has the leading role not only in financing the business development in Azerbaijan but also in development of assurance of the international capital in the Azerbaijani banking sector.

Extension of bank was conditioned also by increase of the Authorized Capital till AZN 11 million. The process of registration of issue of additional shares completed in April. All five existing shareholders participated in increase of capital and the sixth shareholder i.e. Access Microfinance Holding was included into the content of shareholders.

All of these facts impacted on increase of the credit portfolio of the bank reaching for 140% i.e. to USD 114 million from USD 47,6 million in December 2006. The number of the clients gaining credits in MFBA at the end of 2006 was 16.719 people and this number increased to 47.683 at the end of 2007. Within five-year activity bank had granted about 98 thousand credits in total sum of USD 274 million including 66 000 ones in total sum of USD 250 million allocated for representatives of small business in Azerbaijan. Consequently MFBA adhering to own mission makes a great contribution to development of micro, small and medium entrepreneurs establishing new employment points and developing the economy of Azerbaijan.

One of the greatest steps in development of the non-oil sector of the economy of Azerbaijan and the credit business of MFBA was the agrocredit product for those engaging in agricultural business established in August. This product is in great demand particularly in regional branches i.e. in Sheki, Gandja, Lankaran and Khachmaz. Within 5-month work over two thousand representatives of agro business gained credits in total sum of USD 3,6 million important for their activity.

Besides the high indices in credit business MFBA had actively worked with individuals and subsequently, the deposit portfolio increased for 280% and reached USD 14 million. Money transfer turnover also rapidly increased and reached in average monthly USD 11 million. Plastic cards business also actively develops. It's noticeable that in 2007 bank passed chip certification and already in 2008 the clients of the bank will be able to use more perfect banking cards with embedded chip.

More 4 branches were established within 2007 and the branch network of MFBA reached 14 branches. Presently everybody is able to use the services of the bank in Baku, Sumgayit, Gandja, Sheki, Lankaran and Khachmaz. During the recent year the branch network of MFBA will cover more several regions of Azerbaijan.

Such rapid extension of the bank promotes to increase of new employment points for young specialists. Within 2007 the bank involved more than 200 new young employees and for the most of them it was the first professional working experience upon graduation from high schools and, subsequently, the number of employees of the bank reached 640 people.

It's also noticeable that in May the M-CRIL International Rating Organization for microfinance enterprises prepared rating for the Micro Finance Bank of Azerbaijan in accordance with which MFBA was assessed n the "Alpha" level. Basing upon the "Alpha" rating M-CRIL highly recommends the bank to international investors and admits the high financial safety and perfect systems of the bank. M-CRIL positively evaluated in own report particularly the high management level and perfect computer system as well as the qualitative and diversified portfolio of the bank.

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