Azerbaijan, Baku, Sept. 12 / Trend A. Akhundov /
Azerbaijani PASHA Bank expects asset growth to the level of 650 million by late 2012, PASHA Bank board member, chief financial administrator Shahin Mammadov said at a news conference on Wednesday.
In 2011, the bank's assets hit 573.88 million manat.
"This goal proceeds from the bank's development strategy for 2012-2014," he said. "The bank's assets increased by 10 percent for six months and totaled 630.072 million manat as of late June 2012."
In August, Ernst & Young auditing company presented the audit report on PASHA Bank's main financial indices as of six months.
The bank completed last year with a net profit worth 13.36 million manat, the bank's profit (before tax deduction) in the first half of 2012 amounted to 7.14 million manat, net profit - 5.47 million manat.
Mammadov said that today Pasha Bank is among the top three banks in terms of profitability.
"We expect profit worth 11,8-12 million manat in connection with restructuring of the portfolio and the amendments to the bank's assets as of 2012," he said. "This is the most pessimistic forecast and it is possible that the profit will be higher."
Pasha Kapital received a license for dealer and broker activity on August 24, 2012, and became a twelfth member of the Baku Stock Exchange.
PASHA Bank was established in June, 2007 and operates under licence of the Central Bank of Azerbaijan dated Jan.28, 2007.
The Bank, along with Pasha Insurance, PASHA Life, Pasha Travel and Pasha Construction, is included in the Pasha Holding Company 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 per cent of the shares in Kapital bank.
Pasha Bank shareholders are: PASHA Holding with 60 per cent, ADOR Ltd with 30 per cent and Arif Pashayev with 10 per cent.
The official exchange rate is 0.7852 AZN/USD on Sept. 12.