Assets of "PASHA Bank Georgia" increased more than threefold in a year
Baku, Azerbaijan, May 14
By Emin Aliyev - Trend:
The assets of "PASHA Bank Georgia" (a subsidiary of Azerbaijani "PASHA Bank") amounted to 120.96 million Georgian lari in the first quarter of 2014, the National Bank of Georgia told Trend.
The assets of the bank increased by almost 3.5 times in a year: as of the first quarter of 2013, the figure amounted to 34.84 million GEL. More than 82.68 percent of the bank's assets have been placed in the national currency, and the remainder part (20.94 million GEL) - in freely convertible currencies. About 249,250 GEL, which is 20.34 percent more than Q1, 2013 have been accumulated in cash and cash equivalents.
Loan portfolio of the bank made up 9.3 million GEL during the reported period. About a third of issued loans comprise loans in national currency (3.09 million GEL) and the loans in equivalent 6.21 million GEL in freely convertible currency.
The total volume of the bank's liabilities amounted to 21.55 million GEL during the reported period. The funds deposited on current accounts increased by five times and amounted to 417,670 GEL in the structure of liabilities.
As of March, 2014, the authorized capital of "PASHA Bank Georgia" made up 103 million GEL and increased by almost threefold. The total capital of the bank amounted to 99.4 million GEL (including 3.6 million GEL unallocated loss). Its volume increased by almost threefold. For comparison, the figure was 34.74 million GEL at the end of Q1, 2013.
Net interest income of "PASHA Bank Georgia" amounted to 739,930 GEL in Q1, which is twice more than the obtained figure in same period last year (368, 480 GEL).
The Bank completed the first quarter with a net loss in the amount of 701,730 GEL.
"PashaBank Georgia" started its operations in February this year.
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 work 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 of the National Bank of Georgia on May 13 is 1.7605 GEL / USD.
Edited by C.N.