Azerbaijani Bank Technique’s profit for fourth quarter of 2012 exceeded $45 million

Business Materials 28 January 2013 16:36 (UTC +04:00)

Azerbaijan, Baku, Jan. 28 / Trend /

In the fourth quarter of 2012, the amount of profit made by the Azerbaijani Bank Technique reached 35.73 million manat, the bank reported on Monday.

'The bank has achieved earnings for the quarter against a background of improving the quality of the loan portfolio and as a result, a reduction in redundancies. A team of bank managers effectively manages the bank's assets and an even more pronounced performance is expected in the next quarter', a statement said.

In addition, the non-interest income of Bank Technique in the fourth quarter increased by more than 30 per cent, reaching 4.2 million manat. The bank's assets grew by four per cent and on January 1, 2013, totalled 418 million manat.

"We also note the growth of the deposit portfolio which is one of our key indicators of the degree of confidence shown to the bank by the public. Raised funds for the fourth quarter increased by 10 per cent reaching 177 million manat by January 1, 2013," the bank said.

In the fourth quarter, the bank's liquidity ratio was 47 per cent (note that a minimum level of liquidity required by the Central Bank of Azerbaijan is 30 per cent).

Through a series of events, the total capital of the bank increased to 40.5 million manat.

'The transition to a qualitatively new level of activity, update of business processes, cost optimisation, improvement of infrastructure and increase in efficiency of all structures of the bank, as well as active work to return bad loans, were the basis for the achievement of such a significant progress by the bank', the statement said.

In May 2012, a new composition of the management of the Bank Technique (formerly Texnika Bank) was adopted. In June, a general extraordinary meeting of shareholders approved the new composition of the Supervisory Board.

To date, the bank operates 32 subsidiaries and 13 branches throughout the country.

The official exchange rate for Jan. 28 is 0,7846 AZN / USD.