Azerbaijan’s Turanbank increases loan portfolio
Baku, Azerbaijan, July 16
By Azad Hasanli - Trend:
The loan portfolio of Azerbaijan’s Turanbank OJSC amounted to 273.2 million manats in the first half of 2018, which is almost six percent more than at the beginning of this year, according to the bank’s financial report.
The biggest part of loans (83.4 percent or 237.5 million manats) was issued in the Absheron Economic Region, which is followed by the Ganja-Gazakh Economic Region (11 percent or 31.2 million manats), the Aran Economic Region (2.6 percent or 7.3 million manats) and the Guba-Khachmaz Economic Region (1.3 percent or 3.7 million manats).
Each of the remaining economic regions accounts for less than one percent.
At the same time, during the reporting period, the bank reduced loans to other financial institutions from 63 million manats to 60.8 million manats. As of the beginning of July, Turanbank’s investments in securities amounted to 41.86 million manats (an increase of almost 10 times since the beginning of the year). Investments in companies amounted to about 620,000 manats (TuranBank is a shareholder of Turan Leasing and the Milli Kart processing center).
In total, the bank increased its assets by 7.8 percent, to 492.74 million manats.
Turanbank’s liabilities grew from 416.98 million manats to 433.24 million manats since the beginning of the year, including customer deposits’ growth from 224 million manats to 226.9 million manats. Great increase was recorded in the attraction of deposits of financial institutions - a 3.6 times increase in six months.
The share capital of the bank was 55 million manats. The bank completed the reporting period with a profit of 205,000 manats, while last year the bank suffered losses of 1.65 million manats.
Turanbank OJSC has been operating in Azerbaijan since 1992.
(1.7 manats = 1 USD on July 16)
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