PASHA Bank’s subsidiary to draw funds via bonds in 2017
Baku, Azerbaijan, Jan. 5
By Azad Hasanli – Trend:
PASHA Yatirim Bankasi A.S. (subsidiary of Azerbaijan’s PASHA Bank in Turkey) plans to issue bonds in the amount of 150 million Turkish lira ($42.1 million) in 2017, Turkish media reported citing the bank’s General Manager Cenk Eynehan.
PASHA Yatirim Bankasi already made a debut bond issue in the amount of 37.5 million Turkish lira ($10.52 million) in 2016. The period of bond circulation is 90 days until January 24, 2017 and the interest rate - 11.25 percent per annum.
As for the loan issuance, Eynehan added that PASHA Yatirim Bankasi intends to increase its loan portfolio by 25 percent in 2017 compared to 2016.
As of the end of the third quarter of 2016, net profit of the bank amounted almost 10 million Turkish lira ($2.81 million), which is 60 percent more than in the same period of 2015.
The bank's loan portfolio amounted to 370.8 million Turkish lira, or $104.05 million (50.9 percent growth for the year), while total assets reached 436.8 million Turkish lira or $122.57 million (35.5 percent growth).
The bank’s capital exceeded 240 million Turkish lira, or $67.35 million (4.4 percent growth).
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.