Azerbaijani bank names reasons for 80% growth in assets (UPDATE)
Baku, Azerbaijan, June 20
By Anvar Mammadov – Trend:
The assets of PASHA Bank OJSC, one of Azerbaijan’s leading corporate banks, grew by 80 percent in 2015, reaching 2.29 billion manats as of early 2016, a chief financial officer, board member of the bank Hayala Naghiyeva said in Baku June 20 at a press conference.
She said that the bank's assets growth in 2015 is mainly connected with the expansion of its business.
“In total, around 41 percent of the assets’ growth accounted for the revaluation of the bank’s funds in foreign currency,” Naghiyeva said.
She noted that the reassessment of the bank’s currency reserves took place at the end of 2015, and PASHA Bank’s currency structure shows that more than 60 percent of the bank’s assets were in manats during the year.
Naghiyeva added the main part (45 percent) of PASHA Bank’s assets were cash assets and their equivalents and loans issued to customers (39 percent), which amounted to 1.02 billion manats and 902.15 million manats respectively, according to the results of 2015.
In general, cash assets and their equivalents increased by threefold in 2015, and loans issued for the population – by 67 percent.