Azerbaijani bank's assets increased by 55 percent per year

Azerbaijani bank's assets increased by 55 percent per year

Azerbaijan, Baku, June 30 / Trend N. Ismayilova /

Total assets of Azerbaijani Pasha Bank in late 2009 reached 306,433 manat increased by 55 percent compared to 2008, director of the financial management department of the bank Shahin Mammadov said at the press conference.

The total loan portfolio increased by 2,6 times and reached 122.08 million manat. In 2008 this figure was 46.225 million manat.

"As a result of 2010 it is forecasted that Pasha Bank's loan portfolio will increase up to 40-45 percent of total assets", Mammadov said.

Net income of the bank for 2009 increased by 49 percent compared to 2008 and reached 16.059 million. It increased the capitalization of the bank. In 2009 Pasha Bank was included in "top five" most profitable banks in Azerbaijan.

Interest income of the bank amounted to 24.384 million manat. Non-interest income increased 2.3 times, amounting to 2.639 million manat. As a result of the negotiations with international financial institutions, Pasha Bank was able to provide its corporate customers with more commercial financial services. Trade financing portfolio increased almost 2,6 times per year - from 10 million manat in 2008 up to 25.614 million manat in 2009.

"Pasha Bank retained its position as one of the major commercial banks with combined capital, reaching 126.570 million manat," he said.

He said that the bank plans to bring its assets up to 440 million manat by late 2010. Net profit (after paying taxes) is expected to reach 20 million manat, interest income - 35 million manat, operating income - at the level of 35-40 million manat.

Pasha Bank was established in June 2007. In terms of the authorized capital, amounting 115, 41 manat, the bank ranked second in Azerbaijan.

Pasha Bank's strategic objective is the provision of services in corporate sector. The main objective of the bank is a qualitative business development on the priority areas, as well as establishment and development of long-term and stable relationships with customers and employees.

On June 30, the official exchange rate is 0.8039 manat to$1.

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