Azerbaijani bank increases crediting for construction sector

Business Materials 2 August 2017 21:05 (UTC +04:00)

Baku, Azerbaijan, Aug. 2

By Azad Hasanli – Trend:

Azerbaijan’s OJSC Bank Respublika has allocated 7.8 million manats for crediting the country’s construction sector in January-June 2017, which is by 2.1 percent more than for the begging of 2017, as stated in the bank’s financial report.

According to the report, a major share of loans – 84.18 million manats – was allocated by the bank for entrepreneurs involved in the spheres of trade and service. Meanwhile, the bank has allocated 45.9 million manats for agriculture and 20.45 million manats – for non-oil industry.

According to the results of 1H17, the bank’s loan portfolio totaled at 245.4 million manats (decrease by 12.7 percent compared to the beginning of 2017).

In total, assets of Bank Respublika decreased by 14.55 percent – to 779.4 million manats, in the period compared to January-June 2016. The bank has also reduced its liabilities by 16 percent – to 732.5 million manats.

A major part of liabilities (273.4 million manats) accounted for deposits of legal entities (decrease by 24.45 percent since early 2017). Meanwhile, deposits of individuals increased by 3.75 percent – up to 197.13 million manats since the begging of 2017.

Bank Respublika completed the 1H17 with a loss of 583,000 manats. The bank’s revenues, in the period mentioned, have totaled at 31.85 million manats, and expenses amounted to almost 27.1 million manats. Moreover, the bank has created reserves, in order to cover possible losses, in the amount of 5.34 million manats.

Bank Respublika OJSC has been operating in Azerbaijan since 1992.