Azerbaijan’s PASHA Bank reveals profit forecast for 2016 (UPDATE)

Details added (first version posted on 12:07)

Baku, Azerbaijan, Oct. 18

By Azad Hasanli – Trend:

Azerbaijan’s PASHA Bank OJSC expects profit in the amount of 40 million manats on the results of 2016, said Chairman of the bank’s Executive Board Taleh Kazimov Oct. 18 at a press conference in Baku.

Kazimov noted that the bank’s profit amounted to 24.4 million manats in 1H2016, which is the largest amount in the bank’s history.

PASHA Bank’s assets totaled 2.2 billion manats during the period.

Assets of the bank’s Turkish subsidiary, PASHA Yatirim Bankasi, amounted to 400 million Turkish liras, while the profit totaled 6.7 million liras and assets of the Georgian subsidiary, PASHA Bank Georgia, reached 300 million Georgian laris, while its profit amounted to 2.2 million laris, added the chairman.

Member of the bank’s Executive Board and Chief Financial Officer Hayala Naghiyeva, for her part, noted that the profit in the amount of 24.4 million manats is consolidated and earned by the bank’s subsidiaries in three countries – Azerbaijan, Turkey and Georgia.

“The bank’s assets decreased by 3 percent since early 2016 and totaled 2.2 billion manats on the results of the 1H2016. The volume of loans, issued for clients, increased by 4 percent and amounted to 983.7 million manats,” she said. “Fixed deposits increased by 14 percent to 537.33 million manats, while the demand deposits decreased by 10 percent to 814.58 million manats.”

Commenting on these indicators, Naghiyeva said also that over the past period, the bank mainly focused not on an aggressive growth, but on the protection of the quality of existing assets.

With regard to the bank’s loan portfolio, she noted that the lion’s share of loans accounted for the trade and services sector – 35.16 percent (299.88 million manats), which is followed by production sphere (11.3 percent or 111.33 million manats) and loans for individuals (11.7 percent or 115.37 million manats).

“Speaking about the loans, issued for individuals, I’d like to note that we are talking about private banking and consumer loans, which are issued to employees of our bank and PASHA group of companies,” explained Naghiyeva. “We don’t work directly on the retail market.”

The bank also provided funds for crediting to the construction sphere (11.6 percent, 88.7 million manats), agriculture (6.2 percent, 46.05 million manats) and others.

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

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