Azerbaijan, Baku / corr Trend I.Khalilova / A Constituent Assembly of the Azerbaijan Micro-Finance Bank is scheduled for 12 July (AMFB). Andrew Pospielovsky, the bank's General Manager, stated on 11 July that during the gathering, AMFB management will report on results of the bank's activities during the period of the first six months of 2007, and decide on future plans for the bank's development.
The success of the bank's activities is confirmed by its profits in the amount of 25%. The founders of AMFB are satisfied with the bank's activities.
Pospielovsky said that the results of the first half-year of 2007 are impressive. Assets of the bank increased by 84% and comprised $100mln, the credit portfolio rose by 67% to $78.5mln, and the deposit portfolio by 160% to $10mln. Taking into consideration the issue of approximately 3,000 business credits in the total amount varying from $5mln to $7mln, there is a necessity for attracting $5-6mln every month, he added. In the second quarter, the AMFB attracted $21mln in credits from financial organizations, including $18mln in May.
Shareholders of AMFB are KFW (with a 24.95% stake in its statutory capital), the Black Sea Bank for Trade and Development, and the International Finance Corporation (each holding 25.55%), the EBRD 18.7%, Access Microfinance Holding (9.95%) and LfC (5.69%). The statutory capital of the AMFB is €11mln.