Azerbaijani bank profits hit $10 million

Business Materials 13 July 2011 13:53 (UTC +04:00)

Azerbaijan, Baku, July 13 / Trend I. Khalilova /

The assets of the Azerbaijani PashaBank amounted to 491.5 million manat as of the first six months of 2011 and decreased by 3.45 percent compared to late 2010, the bank's balance sheet said.

The bank's loan portfolio increased by 10.5 percent for six months and amounted to 215.25 million manat, including $16.9 million (increased by 40.9 percent).

The investment portfolio during the reporting period increased by 36.7 percent - up to 212.9 million manat.

The net profit obtained during the first half of 2011 amounted to 7.8 million manat.

The total capital amounted to 134.27 million manat, with an increase of 1.5 percent within the first six months, including the authorized capital of 123.47 million manat which increased by 6.9 percent.

The interest income of the bank amounted to 17.4 million manat and non-interest income to 2.006 million manat. Interest expenses amounted to 6.55 million manat, operating expenses to 4.56 million manat, and personnel expenses to 2.57 million manat as of July 1.

The yield equity (ROE) was 13.27 percent (18.2 percent as of 2010), return on assets (ROA) 3.17 percent (4.13 percent in 2010), and the liquidity ratio was 138.55 percent (135.53 percent in 2010).

The share of non-business loans (NPL) in the total portfolio of the bank amounted to 13.07 percent. The corresponding figure for last year was 0.6 percent.

At present, PASHA Bank has two branches and eight ATMs.

Pasha Bank was established in June 2007 and operates under a license granted by the Central Bank of Azerbaijan on Jan. 28, 2007.

Pasha Bank, along with Pasha Insurance, Pasha Life, Pasha Travel, and Pasha Construction, is included in the Pasha Holding, an investment company and not a classic holding company. Kapital Bank is also included in the structure of the Pasha Group. The holding owns 99.75 percent of bank shares.

The Pasha Bank shareholders are: PASA Holding with 60 percent of the shares, Ador with 30 percent, and Arif Pashayev with 10 percent.