Baku, Azerbaijan, Aug. 28
By Anvar Mammadov – Trend:
PASHA Yatirim Bankasi AS, a subsidiary of Azerbaijan’s PASHA Bank OJSC in Turkey, in the first half of 2017 attracted loans worth 43.25 million Turkish liras (over $12.4 million as of Aug. 28), according to the bank’s financial report.
The official exchange rate for August 28 is 3.4844 TRY/USD.
The total volume of the bank’s loans amounts to 235.15 million Turkish liras, 195.08 million liras of which were attracted from abroad, according to the report.
The Turkish subsidiary of Azerbaijan’s PASHA Bank OJSC completed the first half of 2017 with a profit of 7.19 million Turkish liras. In January-June 2016, the bank’s profit was 6.63 million Turkish liras.
The assets of PASHA Yatirim Bankasi for the first half of 2017 amounted to 649.8 million Turkish liras (including 225.08 million in foreign currency), which is by 27.3 percent more than in late 2016. The bank’s available-for-sale financial assets amounted to 16.42 million liras.
Since early 2017, the bank has reduced available-for-sale financial assets by 4.12 million Turkish liras. About 32 percent (5.25 million Turkish liras) of this category of assets accounted for the government debt securities.
The bank’s loan portfolio as of July 1, 2017, reached 509.96 million Turkish liras. For the six months of 2017, the Turkish subsidiary of PASHA Bank issued loans worth 106.09 million Turkish liras, thereby increasing the loan portfolio by 26.3 percent compared to late 2016.
About 187.3 million Turkish liras out of the total loan portfolio of PASHA Yatirim Bankasi were issued for business financing, and 17.7 million liras were issued for export operations, etc.
The liabilities of PASHA Yatirim Bankasi are equal to the assets and amount to 649.8 million Turkish liras (a 27.3 percent increase since the beginning of the year). During the reporting period, the bank had 4.04 million Turkish liras on its account received under repurchase agreements (repo). In addition, at the end of the first half of 2017, the bank had a tax debt of 1.67 million Turkish liras.
The authorized capital of PASHA Yatirim Bankasi is 255 million Turkish liras.
Turkey’s Banking Regulation and Supervision Agency (BDDK) approved PASHA Bank’s purchasing a 79.9 percent share in TAIB Bank, which was renamed to PASHA Yatirim Bankasi, on Dec. 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.