Rabitabank Summarizes 2007

Business Materials 7 February 2008 15:38 (UTC +04:00)

Azerbaijan, Baku, 7 February / Trend / The assets of Rabitabank OJSC in 2007 increased by 71% or AZN 31.3mln and reached AZN 51.1mln compared to 2006. The sum of credits allocated to clients made up AZN 51.1mln by the end of 2007 which is more by 71% or AZN 21.2mln compared to 2006, according to the Bank.

The Bank's obligations made up $63.4mln. The deposit portfolio volume of the bank increased by 72% and reached AZN 55.4mln as compared to 2006. The increase in the volume of deposits of individuals was observed in the total structure of the deposit portfolio. The index increased from AZN 12.6mln by 88% and reached AZN 23.8mln in the end of 2006.

The joint capital of the bank increased by 21% or AZN 1.7mln and reached AZN 10mln. The net profit of the bank made up AZN 220,000.

The total number of the Bank's branches reached 15 as a result of opening of two branches in Baku and two in north regions in 2007.Totally there are six branches functioning in Baku, and the rest in Sumgayit, Ganja, Shamakha, Sheki, Lankaran, Kurdamir, Kuba, Khachmaz and Kusar regions.

The structure of the bank was expanded as a result of the bank's intensive development in 2007, which caused an increase in the number of bank workers in branches and central office. The central office of the bank removed to the new building on U.Hajibayov 33/35 Ave in 2007.

In 2007, the Islamic Development Corporation opened its second deposit branch to the sum of $1mln, and International Financial Corporation (IFC) opened to Rabitabank the credit line in the sum of $2mln. Simultaneously, an agreement was signed with IFC which envisaged the acquisition by the Corporation from 10 to 20% of Rabitabank shares. The financial resources will be attracted for the support of small and middle entrepreneurship in the country.

In 2007, for the first time, Rabitabank bonds were allocated at the international financial market. The bonds with $5mln volume were allocated in the Latvian market through the Parex Bank of Latvia.

Rabitabank is a commercial bank, has been functioning in Azerbaijan since 1993 and offering a wide range of bank services to more than 33,000 clients.