Parabank`s Assets Increase by 80%

Business Materials 24 September 2008 18:14 (UTC +04:00)

Azerbaijan, Baku, 24 September / Trend / In January to August the volume of assets of OJSC Parabank increased by 80.6% as compared to the results of eight months of 2007 and made up AZN 63.04 mln by the end of this period, according to report released by the bank. The growth of assets as compared to 2008 was 52.4% percent.   

The amount of deposits, placed by physical persons in Parabank during eight months, increased by 97.9%. Over the past year this index grew twice to AZN 30.59 mln on 1 September. 

The total volume of the deposit portfolio of the bank increased up to 83.5% as compared to the beginning of 2008, comprising AZN 33.81. The volume of fixed-period deposits was AZN 32.78mln in the total eposit portfolio. According to this index, the growth during eight months of current year made up 97.7%, or two times more than the same period of 2007.  Presently, Parabank is works over development of several more bank products.

Over eight months of 2008 the credit portfolio of the OJSC increased by AZN 76.4% and made up AZN 38.28mln on 1 September. As compared to the same period of last year the growth on this index was 94.7%. To the end of the accounting period the volume of the consumer credits, given by the bank reached AZN 3.8mln.  Almost 10% growth was recorded for August by this index. The business loan, given to medium and small employer subjects takes the major place in the structure of the credit portfolio.

As of 1 August 2008 the joint capital of the bank constituted AZN 11.71mln.

By the end of this period, the bank's total income was AZN 6.17mln, or by 63.8% more as compared to the same period of 2007. Parabank's income increased up to 79.6% as compared to the same period of 2007and non-rate income by 62%.

By the end of this period the bank 1,531 plastic cards for its clients.  For their condition to the indicated period the number of cash machines, belonging to Parabank reached 9 ones, and the number of POS-terminals was 118. 

Parabank increased the number of branches up to 11 through opening three more branches (in Baku -Azadlig and Yasamal, in regions - Agjabedi) last month.