Azerbaijani Pasha Bank reduces forecast on assets in late 2013

Azerbaijan, Baku, Sept. 9 / Trend, A. Akhundov /

Azerbaijani Pasha Bank has lowered its forecast for growth in assets as of late 2013, chairman of Pasha Bank's board Farid Akhundov said at a press conference on Monday.

According to him, earlier, the bank planned to bring the volume of assets up to 850 million manat by late 2013. The forecast was reduced to 800 million manat. As of July 1, 2013, the bank's assets totaled 659.57 million manat, which is by 9 percent less than at the end of last year (721 million manat). This is stipulated by the decreased activity at the client accounts caused by the seasonal phenomena.

"This is connected with our policy of reducing the level of concentration of the customer base," he added. "The bank had the accounts of the companies belonging to Pasha Holding at the beginning of our activity, but now the number of companies that are not connected with the bank is increasing."

Currently, the level of concentration is between 72-75 percent. The bank intends to increase it to 50 percent by late 2014.

The bank also predicts a decline in return on assets by late 2013. As of the end of the first half of the year, the bank had return on assets worth 4.78 percent compared to 3.84 percent at the end of last year.

Around 48 percent fall to loans delivered to customers in the bank's assets, the portfolio of securities hits 35 percent, cash and cash equivalents - 11 percent, the funds allocated to credit institutions - 2 percent and current and non-current assets - 4 percent.

Pasha Bank was established in June 2007 and operates under a licence from the Central Bank of Azerbaijan dated Nov.28, 2007.

Its primary objectives are the strengthening of its leadership in corporate customer services, the qualitative growth of business in priority areas defined by the strategy and the creation and continued development of long term and trusted relationships.

The bank, along with Pasha Insurance, PASHA Life, Pasha Travel and Pasha Construction, is included in Pasha Holdings 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 shares in the bank.

The official exchange rate is 0,7844 AZN/USD on Sept. 10.

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