Another Azerbaijani bank plans to join mortgage fund

Baku, Azerbaijan, July 17
By Zulfiyya Gurbanova - Trend:

Azerbaijani "Rabitabank" plans to join the Azerbaijan Mortgage Fund (AMF) next year, deputy chairman of the bank Turan Ismayilov told Trend.

Today, there are 28 authorized banks of the AMF out of 44 banks operating in the country].

Currently the bank allocates mortgage loans only within its own mortgage program, according to Ismayilov.

"Today, the mortgage portfolio of the Rabitabank amounts to 24 million AZN for the end of the year, as we expect its volumes will increase to 28 million AZN," he said.

The bank mainly works with the business entities, according to the deputy chairman.

"Mortgage lending is not a priority activity of the Rabitabank. At the same time, we are planning to join the Mortgage Fund next year," he noted.

Some 70 percent of the bank`s loan portfolio accounts for the real sector, he said.

"Rabitabank has set for itself priority for the development of small and medium businesses," Ismayilov said, noting that the bank's loan portfolio will reach 240 million AZN by the end of the year, 156 million AZN of which will be business loans.

As of June 1, 2014, the loan portfolio amounted to 192.77 million AZN, 97.82 million AZN of which accounts for consumer loans, 21.5 million AZN - for mortgage loans. The share of the non-performing loans is 8.5 million AZN.

The authorized capital of the bank is 45.5 million AZN, the total capital is formed at the level of 52.3 million AZN.

Rabitabank has been operating on the banking market since 1993. The main shareholder of the bank is chairman of Rabitabank supervisory board Zakir Nuriyev.

Official exchange rate on July 17 is 0.7843 AZN / USD.

Edited by CN

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