Loan portfolio of Azerbaijan’s Rabitabank reaches 300M manats
Baku, Azerbaijan, Oct. 5
The loan portfolio of Azerbaijan’s Rabitabank has reached 300 million manats, the bank said in a message Oct. 5.
As of the beginning of this year, this figure was 234 million manats and in the third quarter of this year, the loan portfolio grew 28 percent, the message said.
The growth was mainly due to loans provided to entrepreneurs and corporate clients, as well as cash and mortgage loans issued to individuals, according to the message.
Since the beginning of this year, Rabitabank has switched to active lending and is working closely with the Entrepreneurship Development Fund of Azerbaijan, the State Service on Management of Agricultural Projects and Credits under the Ministry of Agriculture, as well as Azerbaijan Mortgage and Credit Guarantee Fund.
Loans provided for entrepreneurship are offered to clients without commission fee and with an interest rate of five percent per annum. In addition, credit campaigns with various consumer goals continue.
As part of one of these campaigns, women entrepreneurs are offered loans with an annual interest rate of 14.9 percent. The mentioned campaigns will continue until the end of the year in connection with the 25th anniversary of the bank.
(1.7 manats = 1 USD on Oct. 5)