Azerbaijani AccessBank’s assets increase in 2011

Business Materials 24 May 2012 21:57 (UTC +04:00)

Azerbaijan, Baku, May 24 / Trend, A.Akhundov /

As of 31 December 2011 the assets of the Bank exceeded 383 million manat and increased by 4.8 % druing the year, the bank's press release says on Thursday.

AccessBank published its Audited Financial Statements for 31 December 2011 on its website (www.accessbank.az). The statements are prepared and presented in accordance with International Financial Reporting Standards (IFRS) and audited by PricewaterhouseCoopers.

The loan portfolio of the Bank increased by 11% reaching almost 300 million at 2011-end. For 2011, the post-tax net profit was 17.268 million manat.

As of 31 December 2011, the equity of the Bank was 90.296 million manat and the capital adequacy ratio of the bank was 27.71% - more than twice the regulatory norm of 12%. The Return on Equity for the year ending 31 December 2011 was 19%.

"AccessBank is fully committed to the principles of transparency and we publish our Audited Financial Statements on our website where anybody in the world can download it and study our financial results, income, expenditure, profit etc," Andrew Pospielovsky, General Manager of AccessBank, commenting on the publication of the Financcial Statements said.

AccessBank was established to provide access to financial services for Azerbaijan's micro and small businesses and low and middle income households.

AccessBank is recognized as the most reliable bank in Azerbaijan by Fitch International Ratings ('BB+ Outlook Stable'), and as "The best bank in Azerbaijan" by Global Finance (2011) and Euromoney (2010 & 2011) in their annual awards as well as "The Bank of the Year" by The Banker (2011). AccessBank is 100% foreign owned by six shareholders, consisting of: the European Bank of Reconstruction and Development, the International Finance Corporation, the Black Sea Trade and Development Bank, KfW Development Bank - the Development Bank of the German Government, Access Microfinance Holding acting in microfinance field as a strategic investor, and LFS Financial Systems GmbH - a German consulting company.

The official exchange rate is 0.786 manat to $1 on May 24.