Azerbaijani bank’s market share slightly up
Baku, Azerbaijan, July 27
By Azad Hasanli – Trend:
Assets of Azerbaijan’s Rabitabank OJSC reached 667.9 million manats in 1H17, increasing by almost 21 percent since early 2017, according to the bank’s balance sheet.
According to this result, Rabitabank’s share rose from 1.7 to 2.2 percent in the country’s banking sector.
The increase in assets took place thanks to the increase in the volume of liquid assets – from 261.16 million up to 349.9 million manats. The bank has already increased investments in securities. Total volume of Rabitabank’s investments reached 72.1 million manats in 1H17 (growth by three times since early 2017).
During the period, Rabitabank allocated 31.6 million manats for creating target reserves.
As of the beginning of 2H17, the bank’s liabilities increased by 14.8 percent – up to 581.8 million manats as compared to the result of early January 2017.
According to the report, during the 2Q17, Rabitabank attracted short-term fund in the amount of almost 5.7 million manats, as well as slightly increased the volume of long-term liabilities, attracted from banks, from 94.17 million up to 95.5 million manats.
The volume of current accounts of clients significantly increased in the bank in January-June 2017 and reached 271.3 million manats (increase by 82.3 percent in six months). Meanwhile, the volume of term deposits decreased from 255.47 million manats to 197.2 million manats in the bank.
Rabitabank completed the 1H17 with a profit of 421,000 manats. The bank’s revenues totaled 19.92 million manats, including 12.12 million manats that account for interest income. Expenses of Rabitabank amounted to 14.88 million manats, some 7.08 million manats of which accounted for interest expenses and 5.5 million manats – for administrative expenses. During the period, the bank also created reserves in the amount of 4.68 million manats for covering possible losses.
Rabitabank OJSC has been operating since 1993 and its authorized capital totals 88.5 million manats.