Income of PASHA Bank’s Turkish subsidiary increases
Baku, Azerbaijan, Nov. 15
By Azad Hasanli – Trend:
PASHA Yatirim Bankasi, a subsidiary of Azerbaijan’s PASHA Bank OJSC in Turkey, completed the 3Q2016 with a profit of almost 10 million Turkish liras, which is by 60 percent more than the same period of 2015, according to the bank’s financial report.
The bank’s loan portfolio was 370.8 million liras [growth by 50.9 percent during the year] and the total volume of assets reached 436.8 million liras [growth by 35.5 percent], said Aga-Ali Kamalov, chairman of Board of Directors at the PASHA Yatirim Bankasi.
The bank’s capital, which is the main source of funding, exceeded 240 million liras [growth by 4.4 percent], and loans from other credit institutions – 170.4 million liras that is by 139 percent more than the figure for late 2015, he noted.
Kamalov added that as a result of the bank’s safe policy, it had no non-performing loans since the beginning of 2016.
“During the reporting period, we have accelerated work to increase and diversify our sources of funding and focused on improving operational efficiency,” noted the chairman. “We have expanded the management structure of PASHA Yatirim Bankasi in accordance with our strategy. As part of these measures, the committee on strategy, budget and risk management has started to work.”
Turkey's Banking Regulation and Supervision Agency (BRSA) approved PASHA Bank's purchasing 79.9 percent shares in TAIB Bank, which was renamed to PASHA Yatirim Bankasi, on December 29, 2014. Later, PASHA Bank increased its stake 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.