Black Sea Trade and Development Bank plans to significantly increase balance portfolio
Azerbaijan, Baku, June 23 / Trend E. Aliyev /
The Black Sea Trade and Development Bank (BSTDB) plans to increase the balance portfolio by 200 million euro in 2013, BSTDB head Andrei Kondakov said today.
"The bank showed an increase of 9 percent in 2012," he said. "We plan to preserve this trend this year and increase the bank's loan portfolio by 8-9 percent. This means increasing the balance portfolio by 200 million euro and bringing it to the amount of about 900 million euro. BSBTD's approved loan portfolio hit 1.28 billion euro."
He added that 2012 was the most successful in the BSBTD's history.
"The bank's indices increased despite the growth rate of the economy of the Black Sea region was the lowest for the recent years and amounted to 2.1 percent," he said. "This was achieved due to the expansion of the operations to stimulate the economic growth of the regional countries. In some countries, our business was developed better, for example, in Azerbaijan, while it was worse in some countries. BSTDB member-countries, which are EU members, have access to cheaper sources of funding."
Kondakov added that the bank is ready to diversify the portfolio, but it will not be achieved by minimizing the profit.
The BSBTD's net income as of 2012 was 14.9 million euro.
Baku hosts the fifteenth Annual Meeting of the Board of Governors of the Black Sea Trade and Development Bank today.
Today, Greece, Russia and Turkey remain the largest shareholders with stakes of 16.5 percent each. Romania owns 14 percent, Bulgaria and Ukraine - 13.5 percent each, Azerbaijan - 5 percent, Albania - 2 percent, Armenia and Moldova - 1 percent each, and Georgia - 0.5 percent.
Azerbaijani Economic Development Minister Shahin Mustafayev is a manager at the Black Sea Trade and Development Bank from the Azerbaijani side, his deputy - Minister of Finance Samir Sharifov.