Azerbaijani Amrahbank to up authorized capital
Azerbaijan, Baku, Feb. 16 / Trend , N.Ismayilova/
Azerbaijani Amrahbank will direct all income which it will receive in 2009 to increase the authorized capital, the bank's chief accountant Fazil Huseynov said.
"A bill on Stimulating increasing capitalization of banks, insurance and reinsurance companies enabled the bank's management to pass such a decision," Huseynov said.
Under the bill, banks, insurance and reinsurance companies will get benefits while tax income paying by 2012 to expand capitalization. The bill envisages exempting income which will be directed to capitalization from tax income payment. Tax benefit came to power on Jan. 1.
Huseynov said that Amrahbank's authorized capital will be upped by 5 million manats, while the bank's income is forecast at this level in 2009.
On Feb. 1 the bank's authorized capital made up 12.82 million manats, aggregate capital - 121.91 million and assets - 63.08 million. The bank's loan portfolio amounted to 39.51 million manats and deposit portfolio - 32.805 million manats.
On Feb. 16, the official exchange rate is 0.8062 manat to $1.
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