Azerbaijani bank significantly ups profit on dealing operations

Business Materials 15 September 2012 12:35 (UTC +04:00)

Azerbaijan, Baku, Sept. 15 / Trend A. Akhundov /

Azerbaijani PASHA Bank increased profit on dealing operations by 174 percent, member of the bank board, chief executive officer on investments Taleh Kazimov said at a news conference on Wednesday.

"The bank earned about 2 million manat in the first half of the year through the dealing operations, i.e. purchase-sale operations of securities and foreign currency," he said. "This exceeds the index over the same period of last year by 174 percent."

He added that the funds managed by the Treasury and Financial Markets Department in the first half amounted to 51 percent of the bank's assets, or 329.8 million manat. This figure is formed by 28.6 million manat in the cash and correspondent accounts, securities portfolio worth 248.7 million manat and interbank loan and deposit portfolios to the amount of 52.5 million manat.

"Interest income received by the department increased by 25 percent compared to the first half of 2011 and hit 5.6 million manat in January-June 2012," Kazimov said.

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.

Official exchange rate is 0.7853 AZN/USD on Sept. 15.