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Unibank plans to significantly expand business in Azerbaijan (Exclusive)

Finance Materials 15 November 2018 09:15

Baku, Azerbaijan, Nov. 15

By Taleh Mursagulov – Trend:

In 2019, Azerbaijani Unibank can expand its business by 15-17 percent, Chairman of Board of Unibank Faig Huseynov told Trend Nov. 14.

Huseynov said Unibank intends to lend to all sectors of the economy of Azerbaijan next year.

In particular, he noted that, similarly to 2018, the corporate and consumer lending, lending to small and medium-sized enterprises, as well as micro-lending will remain priority areas.

The head of Unibank noted that the credit growth in 2019 will strongly depend on changes in tax legislation, as well as adjustments in the banking sector.

"Now [in the government] the work is underway to amend the legislation, in particular, tax and banking legislation. It is expected that these changes will come into force at the beginning of 2019. We expect that if the current legislation remains in force and the currency is stable, then our business will grow by 15-17 percent," he said.

In 3Q2018, Unibank's loan portfolio reached 400 million manats (a 7-percent increase from the beginning of the year). The deposit portfolio of the bank increased by 11 percent or 285 million manats.

Unibank lends money most actively in Baku - 71 percent of all issued loans fall to the share of the capital. Lending in other regions is as follows: 12 percent fall on Ganja, Mingachevir, Sheki and Shamkir, six percent - on Absheron, Sumgait, Astara, two percent - on Imishli, Barda, Agjabedi and nine percent on other regions of Azerbaijan.

During the reporting period, 66 percent of loans issued by the bank fell on consumer loans, 21 percent – on loans to the trade and service sectors, five percent – on agriculture, five percent – on industry, two percent – on the construction sector.

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Follow the author on Twitter: @TalehMursagulov

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