TuranBank’s total capital increased by 35.2 percent as of June 1, 2013
Azerbaijan, Baku, June 8 / Trend /
As of June 1, 2013, TuranBank's assets made up 228.6 mln manat, increasing by 22.8 percent as compared with the analogical period of 2012 and by 5.3 percent since the beginning of the current year. As of the accounting date, the loan portfolio amounted to 175.5 mln manat, rising by 8.8 percent compared with the beginning of 2013 and by 22.6 percent in comparison with the analogical period of 2012.
According to the decision by the Central Bank of the Republic of Azerbaijan, dated July 25, 2012, the existing banks have faced a requirement of having to increase their total capital to 50 mln manat by January 1, 2014. As a result of the recapitalization process, the authorized capital of the Bank reached 40 mln manat for the date of June 1, 2013, increasing by 33.3 percent as compared with the beginning of the current year and by 68 percent relative to the analogical period of the last year. The Bank's total capital amounted to 43.1 mln manat, increasing by 35.2 percent in comparison with the beginning of the current year. This, it turn, shows the implementation of the Central Bank's capital increase requirement, imposed on the banks, to a large extent.
For the period of January-May of this year, the deposit portfolio of the Bank increased by 8.8% relative to the analogical period of 2012. The share of demand deposits by population in the total deposit portfolio reached 50.3 mln manat, increasing by 20.6 percent in comparison with the analogical period of 2012.
The structure of the Bank's authorized capital consists of a total of 27 shareholders, including 5 legal entities (23.84 percent) and 22 individuals (76.16 percent).
On the basis of outcomes of operation during January-May 2013 revenues of TuranBank made up 10.8 mln manat and its expenses amounted to 8.6 mln manat.
The Bank's net income amounted to 2.2 mln manat during the accounting year.
There are 14 sale points (7 of them located in the regions Tovuz, Zagatala, Ganja, Aghsatfa, Sumgayit, Khachmaz, and Gazakh) and 20 currency exchange offices of the Bank that are operational at present.
The Bank serves its customers across a wide range of express money transfer systems such as Western Union, Xpress Money, Contact, Migom, Zolotaya Korona, Privatmoney, Allure, Blizko, IBA-Express and Monex.