Azerbaijan’s bank increases capital by almost 28%
Baku, Azerbaijan, Apr. 24
The aggregate capital of Azerbaijan’s AccessBank CJSC increased by almost 28 percent – from 52.46 million manats up to 67.348 million manats as compared to the result for late 2016, the bank said in a message Apr. 24.
It was previously reported that on March 15, 2017, AccessBank’s shareholders bought 8.2 million new assets worth 34.85 million manats, which increased the bank’s authorized capital up to 119.85 million manats.
According to the bank’s report, the deposit portfolio of AccessBank increased significantly.
Therefore, as of Dec. 31, 2016, the bank’s deposit portfolio amounted to 284.846 million manats and reached 301.795 million manats as of March 31, 2017.
In January-March 2017, the volume of deposits put in AccessBank by population increased by almost seven percent, which reflects the high level of customer confidence in the bank.
During the period, the bank received interest income of 29.683 million manats. The bank allocated 14.138 million manats to create a special reserve, thus creating a safety cushion.
The bank has recently announced that it is moving to a new adapted business model, and in accordance with the new business model, AccessBank will actively introduce and develop digital banking.
(1.7022 manats = $1 on Apr. 24)