Azerbaijani bank sees increased profit

Business Materials 14 May 2012 16:39 (UTC +04:00)

Azerbaijan, Baku, May 14 / Trend A. Hasanov /

As of the first quarter of this year, the Azerbaijani KredoBank's deposit portfolio increased by 36.6 percent to 15.65 million manat compared to the same period in 2011, the bank told Trend on Monday.

The bank's assets during the reporting period increased by 11.7 percent and hit 91.8 million manat.

The bank's loan portfolio during the reporting period increased by 49.5 percent.

The authorized capital for the period increased by 17.1 percent and amounted to 20.54 million manat, total capital increased by 18 percent to 22.9 million manat.

The bank's expenditure totaled 2.19 million manat, income - 2.44 million manat, and net income reached 198,000 manat as of the first quater.

KredoBank has five ATMs and 90 POS-terminals.

The bank has 15 branches and 22 offices. The bank's strategy is based on expanding the customer base, creating new bank products and entering foreign markets. The bank's credit policy is aimed at financing the projects of small and medium-sized businesses.

The official exchange rate is 0.7859 manat to $1 on May 14.