PASHA Bank’s Turkish subsidiary completes 2016 with profit

Business Materials 1 April 2017 16:58 (UTC +04:00)

Baku, Azerbaijan, Apr. 1

By Orkhan Quluzade - Trend:

Net profit of PASHA Yatirim Bankasi A.S., a subsidiary of Azerbaijan’s PASHA Bank OJSC in Turkey, amounted to 14 million Turkish liras as a result of the subsidiary’s activity in 2016, the bank’s shareholders said in the report posted on the website of Turkey’s Public Disclosure Platform.

Of this profit, 1.181 million Turkish liras were directed as bonus payments to heads and other employees of the bank, and 180,000 Turkish liras were allocated to the members of the bank’s board, according to the report.

The rest of the profit of PASHA Yatirim Bankasi A.S. remained undistributed, taking into account the bank’s losses in previous years.

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 A.S., 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.