PASHA Bank’s Turkish subsidiary increases profit

Business Materials 5 July 2016 17:08 (UTC +04:00)

Baku, Azerbaijan, July 5

By Azad Hasanli – Trend:

The net profit of PASHA Yatirim Bankasi, subsidiary of Azerbaijan’s PASHA Bank in Turkey, amounted to 3.3 million Turkish liras as of January-March 2016 compared to 1.3 million liras as of late 2015, according to the bank's financial statement as of January-March 2016.

The official exchange rate is 2.9 TLY/USD July 5.

According to the statement, the assets of PASHA Bank’s Turkish subsidiary increased by 7.84 percent and reached 347.68 million liras as of January-March 2016 compared to the same period of 2015.

According to the statement, the bank’s loan portfolio increased by 16.9 percent and amounted to 287.37 million liras as of January-March 2016.

Some 17.9 percent of the bank’s loans were issued in foreign currency, the statement said.

According to the statement, the bank’s loans worth almost 132.5 million liras accounted for the financial sector, 103.4 million liras - business loans, 8.8 million liras - export transactions (including 8.4 million liras - restructured loans).

The bank’s financial assets available for sale amounted to 12.67 million liras, the statement said.

According to the statement, the bank liabilities reached 347.68 million liras in January-March 2016 compared to 322.4 million liras as of late 2015.

The bank’s deposits and pledged securities amounted to 94.45 million lira, the statement said.

“In general, the positive processes of January-March, contributed by fundamental oil price recovery, slight increase in the US Federal Reserve’s rate, the European Central Bank’s new actions to expand the program of monetary stimulus of economy, etc.,” said the bank's financial statement, citing Cenk Eynehan, CEO and member of the Board of Directors of PASHA Yatirim Bankasi.

Eynehan said that the moderate growth is observed in Turkish banking sector.

"The Turkish banking sector kept the capital adequacy ratio in the range of 14-15 percent and return on assets continues to increase through improving their quality," he added.

As for the bank’s activity, Eynehan said that PASHA Yatirim Bankasi intensified the marketing activity to more easily attract investors operating in Turkey, Azerbaijan and Georgia.

"We are committed to our goals to contribute to the development of trade among Turkey, Azerbaijan and Georgia to become the main bank for investors in the region," he said.

Turkey's Banking Regulation and Supervision Agency (BRSA) approved PASHA Bank's purchasing 79.9 percent of TAIB Bank's [which was renamed to PASHA Yatirim Bankasi] shares on December 29, 2014. Later, PASHA Bank increased its stake up to 99.9 percent. The remaining part belongs to other shareholders.

Pasha Bank is a leading corporate bank in Azerbaijan. The bank, founded in 2007, renders a range of corporate banking services, including issuance of loans, operations in the securities market, asset management, and treasury services.