Azerbaijani PASHA Bank keeps up position of most capitalized commercial bank in country

Azerbaijani PASHA Bank keeps up position of most capitalized commercial bank in country

Azerbaijan, Baku, Aug. 24 /Trend, N.Ismayilova/

Azerbaijani PASHA Bank kept up its position of the largest commercial bank in the country for the amount of total capital in the first half year, board member and chief financial administrator of PASHA Bank Shahin Mammadov said to a press conference. The total capital of the bank as a result of six months amounted to 141.89 million manat.

Total assets of the bank amounted to 496.19 million manat in first half of the year and were distributed as follows: portfolio of securities - 43 percent, loans provided to customers - 41 percent, the funds received from credit institutions - 7.2 percent, cash funds - 6.4 percent.

"The bank's loan portfolio increased by 10 percent compared with the end of last year and reached 215.7 million manat," said Mammadov.

Net profit of the bank for the first six months decreased by 41 percent compared to the same period of last year and amounted to 5.07 million manat.

"The main reason for it was the decline in the average interest rates on loans issued to customers, increase in interest expense because of the growth of urgent deposits and increase in transfers to the Reserve Fund for the loan portfolio," he said.

According to him, the bank's interest income amounted to 17.4 million manat over six months.
PASHA Bank was established in June 2007 and operates under license of the Central Bank of Azerbaijan dated Jan.28, 2007.

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

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

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