Azerbaijan TBC Kredit to increase loan portfolio

Business Materials 21 December 2011 18:21 (UTC +04:00)

Azerbaijan, Baku, Dec 21 /Trend N.Ismayilova/

TBC Kredit plans to increase its loan portfolio by $10 million in 2012, TBC Kredit said on Wednesday.

"This year was successful for us. The annual plan for portfolio growth was fulfilled by 86 percent at the end of November. The portfolio increased by $7 million to $26.5 million during the first 11 months," the company said.

It is noted in the information that the loan portfolio is expected to reach $28.5 million by the end of 2011.

"Micro-lending, as well as expanding the network of services, both in Baku and beyond will be our priority in 2012" the company said. Interest rates on loans are depending on market conditions.

"There is some reduction in interest rates, therefore, interest on loans declines in our company too" TBC Kredit said.

TBC Kredit has been operating in Azerbaijan since 1999.

The offical exchange rate on Dec 21 is 0.7864 AZN/USD.