Total capital of Respublika Bank to grow up to $11m

Business Materials 28 December 2005 12:49 (UTC +04:00)

“Respublika joint stock-commercial bank received the preliminary results of the overestimation of its reserves, particularly, property,” Asaf Zeynalov, the acting chairman of the Board, told Trend. According to Zeynalov, as a result of the overestimation the total capital is envisaged to be increased up to 50bn manats (approximately $11m).

“Under international standards the overestimation is carried out on all major reserves taking into consideration the properties in Lankaran, Ganja and Baku,” Zeynalov said.

The joint stock of the bank comprises $6m, the total one вЂ" around 40bn manats. All dividends received on the results of 2005 will also be recapitalized for increase of the statutory fund after their distribution.

On the results of 2005 the balance profit is expected at approximately 11.5bn manats, the clear profit is probable to make up 8.8bn manats after the tax deduction.

On the results of 2005 the assets will range from 275 to 280bn manats.