Azerbaijani Bank Technique expands its loan portfolio by more than 40%

Baku, Azerbaijan, Feb.12

By Azad Hasanli - Trend:

In 2014, the assets of Bank Technique increased by 16.7 percent or 87.1 million AZN and reached 608.7 million AZN, said the balance sheet of the bank on the results of 2014, posted on its website.

The official exchange rate for February 12 is 0.7844 AZN / USD.

The balance sheet said that the credit portfolio of Bank Technique compared with 2013 increased by 41.98 percent or 121.1 million AZN and amounted to 409.6 million AZN.

Over the past year, the deposit portfolio of the bank decreased by 2.76 percent - to 303.2 million AZN. For comparison: in 2013 the figure was 311.8 million AZN. The total amount of deposits of individuals in Bank Technique at the end of 2014 amounted to 201.97 million AZN (with growth of 0.8 percent).

The bank's liabilities to credit institutions in the reporting period amounted to 541.9 million AZN, increasing by twice compared with 2013 (452.03 million AZN).

Income of Bank Technique for the reporting period amounted to 60.4 million AZN, which is 38 percent less than in 2013. For comparison, in 2013 the income of the bank amounted to 43.76 million AZN.

In 2014, the costs of the bank increased by 28.4 percent, reaching 57.85 million AZN in 2014, according to the report,. In general, the Bank's net profit last year after tax amounted to 2.7 million AZN.

During the year, the total capital of Bank Technique increased by 0.4 percent and amounted to 70.9 million AZN. In 2013, the figure was 70.6 million AZN.

The adequacy of the total capital of the bank amounts to 12.25 percent compared to the regulatory requirement of the Central Bank in 12 percent.

JSC Bank Technique operates in Azerbaijan since 1994 (it was called Rashadbank earlier, and Texnika Bank since 1998). The bank received its present name after rebranding in 2012. The Bank offers a wide range of banking and financial services in Azerbaijan.

At present, the bank's services are rendered through 29 branches and 29 exchange offices of the bank in Baku, Absheron, Ganja, Sumgait, Guba, Mingechevir, Gabala, Sheki, Bilasuvar, Jalilabad, Tovuz, Agstafa and Lankaran.

Two subsidiaries of the bank - Alfa Insurance JSC and Texnika Kapital Management Ltd. also operate on the financial market of the country.

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Follow the author on Twitter: @AzadHasanli

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