Details added (the first version published at 11:37)
Baku, Azerbaijan, Oct. 16
By Taleh Mursagulov - Trend:
The consolidated assets of the Azerbaijani PASHA Bank Azerbaijan, PASHA Bank Georgia, PASHA Yatirim Bankasi (Turkey) are expected to increase to the level of $4.6-4.7 billion at the end of 2018, the Member of the Bank’s Management Board Bahruz Nagiyev said Oct. 16 at a press conference dedicated to the results of activities in 1H2018.
The Pasha Bank Azerbaijan’s assets are expected to grow by 50-100 million manat by the end of the year, the board member said. The assets of Pasha Bank Georgia will remain unchanged.
In addition, Nagiyev said, at the moment, the PASHA Bank deposit portfolio amounts to 1.2 billion manats, while the bank intends to increase these indicators to 1.3 billion manats by the end of the year.
In 1H2018, the bank's assets has increased by 13 percent compared to the beginning of the year or from 3.958 billion manats to 4.469 billion manats.
At the same time, the aggregate capital of the bank as of June 30 of this year has amounted to 542.82 million manats, which is 9 percent more compared to the figures at the beginning of the year.
Currently, PASHA Bank also has a subsidiary bank in Georgia, which has been operating in the country since 2013.
Thus, the total assets of PASHA Bank Georgia in 1H2018 amounted to 293.645 million lari, which is 8 percent more than at the beginning of the year. At the same time, the total capital for the reporting period has increased by 3 percent, reaching 109.624 million lari.
The purchase by PASHA Bank of a 79.9 percent stake in the authorized capital of Turkish TAIB Yatirim Bank AS [which was renamed as PASHA Yatirim Bankasi AS] was approved by the Turkish Banking Regulation and Supervision Agency (BRSA) in December 2014.
The total assets of the Turkish subsidiary PASHA Yatirim Bankasi of the Azerbaijani bank PASHA Bank for January-June 2018 has amounted to 1.4 billion Turkish liras, which is 56 percent higher than at the end of December 2017. In addition, the total capital of the bank for the reporting period has amounted to 526 million liras, which is 98 percent more compared to the beginning of the year.
PASHA Bank has been operating in Azerbaijan since 2007 and is a member of the PASHA Group of Companies - a large investment holding which operates in such sectors as insurance, construction, production of construction materials, tourism, etc. The Kapital Bank, one of the largest banks in the retail market of Azerbaijan, also belongs to the PASHA Group of Companies.
The official exchange rate of the Turkish lira and Georgian lari as of June 30 was 0.372 TRY / AZN and 0.6929 GEL / AZN, respectively.
The rate of the Azerbaijani manat against the US dollar as of October 16 is 1.7 AZN / USD.