Deposits in Azerbaijani DemirBank increase by almost 15 per cent
Azerbaijan, Baku, October 17/Trend/
As of October 1, 2013 the assets of DemirBank JSC amounted to 378 million manat. According to a message from the bank published on Thursday, the volume of the bank's credit portfolio hit 295 million manat as of the same date.
According to the message, as of October 1, 2013, the total amount of customer deposits in DemirBank amounted to 173.8 million manat. The amount of population deposits stood at 142.8 million manat. This means the growth of this figure during the reporting period amounted to 14.6 per cent, or 18.2 million manat.
As of October 1, 2013, the aggregate capital of DemirBank reached 57.8 million manat which exceeds the requirements of the Azerbaijani Central Bank to the aggregate capital that should be equal to 50 million manat for January 1, 2014.
The first commercial bank of Azerbaijan, DemirBank began its operations in October 1989. Shareholders include large international financial institutions such as the European Bank for Reconstruction and Development (EBRD) and the Netherlands Development Finance Company (FMO). DemirBank has a "B" rating with a "stable" forecast from Fitch Ratings and Planet Rating. These ratings are one of the highest ratings in the Azerbaijani banking sector.
The official exchange rate on October 17 is 0.7843 AZN/USD.