Azerbaijani bank does not intend to change credit policy

Azerbaijan, Baku, Oct. 5 / Trend N.Ismayilova /

The Azerbaijani Bank of Baku plans to increase the loan portfolio up to 180-190 million manat by late 2010, Board Chairman Jalal Gasimov said.

"The bank does not plan to change its credit policy which is based on consumer loans with weight of 60 percent of the total portfolio, and about 10 percent fell to micro-credit," Gasimov said. "Today, the bank's loan portfolio is about 170 million manat."

"The bank's problem loans amounts to six percent of the total volume, which we regard as a very good index. We are satisfied with the quality of the portfolio. The arrears stood at 7.5 percent in mid. 2009, but today we observe a decline," Gasimov said.

Bank of Baku was established in 2005 as a result of merger of two local private banks - JSC "Bank of Baku" and CB "IlkBank". Currently the bank has five shareholders - three businesses and two individuals. The paid share capital of the bank is 12.852 million manat.

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