PASHA Bank’s share in Azerbaijani banking sector reaches 10%

Business Materials 25 April 2017 11:05 (UTC +04:00)

Baku, Azerbaijan, Apr. 25


PASHA Bank’s share in the Azerbaijani banking market in terms of volume of assets reached 10 percent as of late 2016, Taleh Kazimov, the bank's CEO and chairman of Executive Board, told a press conference in Baku.

The bank's share in terms of the volume of the loan portfolio reached 5.5 percent, he said Apr. 25.

In 2016, PASHA Bank's assets totaled nearly 3.3 billion manats, which is 43 percent more than in late 2015. The loan portfolio increased by 23 percent during the reporting period to reach almost 1.17 billion manats.

Kazimov further said that PASHA Bank OJSC plans to complete the work on development of a new development strategy by the end of June.

He noted that special attention in the new strategy will be paid to such sector of the economy as agriculture, IT, transportation, manufacturing spheres and others.

“Crediting of both big and small and medium businesses will remain a priority of our strategy,” said Kazimov.

PASHA Bank’s current strategy is designed for the period 2015-2017.

During the press conference, the bank’s Chief Financial Officer and Member of Executive Board Hayala Naghiyeva noted that in 2016, the bank allocated the biggest volume of loans for projects in the sphere of trade and services – 469.9 million manats (35.16 percent). The sphere is followed by production sector – 119.6 million manats (13 percent), loans for individuals - 123.55 million manats (11.8 percent), construction – 113.9 million manats (11.6 percent), agriculture – 48.4 million manats (6.2 percent), transport and telecommunications – 43.67 million manats (5.8 percent) and other spheres.

In total, noted Naghiyeva, the bank’s loan portfolio rose by 23 percent – up to 1.17 billion manats during the year.

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.

(1.7022 manats = $1 on Apr. 25)