Azerbaijan’s Bank Respublika sells part of its stake in insurance company

Business Materials 5 June 2019 09:50 (UTC +04:00)

Baku, Azerbaijan, June 5

By Kheyraddin Nasirzade – Trend:

Azerbaijan’s Bank Respublika sold seven percent of its shares in Baki Sigorta insurance company in 2018, Trend reports referring to the bank’s consolidated report.

According to the report, the bank sold these shares to minority shareholders.

The German Investment and Development Corporation (DEG) increased its stake in the bank’s capital from 10.86 percent to 16.6 percent in 2018.

Natig Guliyev remains the biggest shareholder of the bank with a 43.96-percent-share (45.67 percent in late 2017).

In 2018, Shakir Rahimov became a shareholder of the bank whose share in the capital is 5.45 percent. The remaining shareholders reduced their shares in the capital: Elchin Guliyev to 7.74 percent (9.89 percent in late 2017), Sevda Guliyeva to 7.41 percent (9.47 percent), Saday Guliyev to 7.32 percent (9.36 percent), Mariya Guliyeva to 7.17 percent (9.17 percent), SIDT (as part of Sparkassen-Finanzgruppe financial group) to 4.25 percent (5.43 percent), and the remaining shareholders to 0.1 percent (0.15 percent).

The authorized capital of the bank increased by 27.8 percent up to 73.461 million manats in 2018.

According to another report, as of the first quarter of 2019, the bank's assets exceeded one billion manats, increasing by 47 percent compared to the first quarter of 2018.

Moreover, the bank's total capital increased by 28 percent, the loan portfolio by 45 percent, the deposit portfolio by 60 percent, while the net profit of the bank increased more than three times.

According to the report, the bank’s net interest income doubled and reached 8.14 million manats, while the bank’s net operating profit increased more than four times and reached 2.48 million manats.

(1.7 AZN = 1 USD on June 5)


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