Azerbaijani AccessBank doubling authorized capital
Baku, Azerbaijan, July 31
Shareholders of AccessBank have agreed to increase its authorized capital by 140 million manats, the bank's message quoted the Chairman of the AccessBank Board Anar Hasanov as saying July 31.
The authorized capital of the bank is 140.25 million manats currently.
He noted that the increase in the authorized capital will enable the bank enter a new stage of development.
"We intend not only to maintain but also to strengthen our position as a leading bank in micro-credits. We have all the resources - financial stability, human resources and customer trust for achieving these goals. Along with strengthening our market position, we will also focus on improving the services provided to our clients. We are very positive about 2018 and are confident in achieving our goals," Hasanov said.
The bank's assets amounted to 827.873 million manats in 1H2018, which is 2.894 million manats more than in 1Q2018, the message says. The increase in the bank's assets was achieved due to the growth of the loan portfolio. Thus, the credit portfolio of AccessBank increased by 12.58 million manats compared to the first quarter and amounted to 503.743 million manats.
The bank's deposit portfolio has also shown growth. The amount of deposits placed in the bank increased by 21.959 million manats for the quarter and amounted to 450.155 million manats, which indicates the high trust of customers in the bank.
"It is noteworthy that the bank's quick liquidity ratio was 93.03 percent at the end of June, which exceeds the minimum rate by more than three times. Of course, this suggests that the bank has sufficient liquid funds," the message says.
AccessBank was founded in 2002 by the Black Sea Trade and Development Bank, European Bank for Reconstruction and Development, International Finance Corporation, KfW, LFS Financial Systems and AccessHolding.
AccessBank is one of the leading banks in Azerbaijan. It provides a full range of banking services and has a wide branch network represented by 16 branches in Baku and Absheron Peninsula and branches in the regions of the country.
(1.7 AZN = 1 USD on July 31)