Azerbaijan, Baku, Feb. 24 / Trend N.Ismayilova /
Azerbaijan's Pasha Bank will direct a large portion of the profit to capitalization in 2011 to maintain the leading position among the Azerbaijani banks in terms of the statutory capital, Chairman of the Board Farid Akhundov said at a press conference on Thursday.
At present the bank's authorized capital amounts to 115.407 million manat, which puts the bank to the second place in the country on this indicator.
"This year, the bank will direct most of its profits to increase the statutory capital. This process has already begun, documents are prepared and the bank intends to increase its capital to just over 123 million manat," Akhundov said.
The bank's net profit amounted to 11.694 million manat in late 2010.
Pasha Bank was founded in 2007.