Assets of Azerbaijani "PASHA Bank" amount to almost $900 million in 2013
Baku, Azerbaijan, May 7
By Emin Aliyev - Trend:
As of 2013, the total assets of the Azerbaijani "PASHA Bank" amounted to 704.06 million manat (over $897 million by the latest official AZN/USD rate), chief financial administrator of PASHA Bank Shahin Mammadov said.
He made the remarks at the annual press conference dedicated to the results of the bank's activity in 2013.
"With regard to the capital, "PASHA Bank" was able to hold its position on this indicator as one of the largest banks in the country. As of 2013, it amounted to 234.92 million manat, increasing by 24 percent [as of 2012 capital of the bank amounted to 188.35 million manat]," he said.
"PASHA Bank" increased its capital by 105 million manat - up to 333 million manat in 2014, Mammadov said.
The net profit of "PASHA Bank" made up 12.03 million manat last year, according to the bank's representative.
"Its volume was reduced by more than a quarter in a year which is due to the creation of reserves to cover credit losses in the portfolio of the issued loans. Total income from major operating activities of "PASHA Bank" exceeded 51.58 million manat, which is 20 percent more than in 2012. The interest income of the bank amounted to 54.77 million manat, while non-interest - to 9.17 million manat. Thus, the specific weight of interest income in the total income of "PASHA Bank" amounted to 18 percent," Mammadov said.
Pasha Bank is a leading corporate bank in Azerbaijan. Founded in 2007, the bank provides a wide range of corporate banking services including lending, operations in the securities market and asset management and treasury services. Some 207 people are working at the Pasha Bank represented by the head office and four branch offices. The bank was declared the Best Investment Bank in Azerbaijan by the Europe Banking Awards 2011.
"Pasha Bank", with authorized capital of 333 million manat, remains the most capitalized private bank in Azerbaijan.
Pasha Bank is part of the PASHA group of companies, a major investment holding company in Azerbaijan, which is well represented in sectors such as insurance, construction, building materials production, tourism and other business areas. Kapital Bank, one of the largest banks in Azerbaijani retail market also belongs to the PASHA group of companies.
The official exchange rate on May 7 is 0.7843 AZN/USD
Translated by S.I.
Edited by S.I.