Baku, Azerbaijan, Dec.12
By Azad Hasanli -Trend:
Azerbaijan's Unibank plans to earn around 1 billion manat by the end of 2017, the prospect of bank bonds emission suggests.
It is dealt with profit before tax payment. The bank's profit is expected at the level of 14.3 and 16.4 million in 2018 and 2019 respectively.
After two devaluations of national currency Azerbaijan's banking sector, traditionally being profitable, experienced serious losses. Thus, aggregate losses of the sector made up roughly 1.7 billion in 2016. The last two years were quite difficult for Unibank. While accomplishing the year of 2014 with profit in the amount of 48.54 million manat, the bank had a loss of 30 million a year in the subsequent two years.
However, Unibank is keen to restore its profitability, which is possible due to general improvement of the economic situation in the country, as well as in the banking sector.
Profitability of Unibank зmostly depends on entrepreneurial activities in the country, in particular the development of micro-, small and medium business. Crediting in these segments of entrepreneurship is one of the priorities the bank set for 2017-2019.
Earlier Faig Huseynov, chairman of the Management Board at Unibank, noted in an exclusive interview with Trend noted a gradual revival in micro entrepreneurship in Baku and regions, in particular in the sphere of tourism.
The banking sector is gradually restoring its profitability. The Financial Market Supervisory Authority reported that net profit of the country's banking sector made up 549.6 million manat as of October 2017. The banks' profits has stably grown by 130 million manat a month since June 2017.
Unibank has been operating in Azerbaijan since 2002. The bank was founded following the merger of two private commercial banks – MBANK and PROMTEXBANK. Following the merger, the European Bank for Reconstruction and Development (EBRD) and German Investment Corporation (DEG) became shareholders of Unibank