Azerbaijan’s AzerTurkBank increases assets

Business Materials 21 July 2016 20:42 (UTC +04:00)

Baku, Azerbaijan, July 21

By Azad Hasanli – Trend:

Net profit of AzerTurkBank, which is Azerbaijan’s second largest state bank, amounted to 8.9 million Azerbaijani manats (1.5693 AZN/USD on July 21) in H1 2016, according to the bank’s financial report.

The bank’s revenues totaled 26.3 million manats during the first six months of 2016, including 16.9 million manats from operating activities. AzerTurkBank’s expenditures reached 17.4 million manats.

About eight million manats were spent for administrative activities, while 5.9 million manats were allocated for the creation of loan reserves.

The bank finalized 2015 with loss of 3.17 million manats.

Since early 2016, AzerTurkBank’s assets increased by 32.75 percent to 880.9 million manats.

More than 477 million manats accounted for other banks’ liabilities to AzerTurkBank.

Nearly 17 percent of assets (154 million manats) accounted for loans to customers and 26 percent (231 million manats) for available funds and correspondent account at the Central Bank (CBA).

The bank also has liabilities of 99.05 million manats (353.38 million manats in 2015) to other banks and financial organizations.

As of early July 2016, 725.04 million manats were on the accounts of the bank’s customers, which is significantly higher than in the same period 2015 (261 million manats).

AzerTurkBank’s total liabilities reached almost 824.65 million manats and its authorized capital is 50 million manats.

AzerTurkBank OJSC operates in Azerbaijan since 1995. The bank’s main shareholder is the State Committee on Property Issues of Azerbaijan (75 percent).