VTB Bank Azerbaijan expecting profit of $3.5M
BAKU, Azerbaijan, Dec. 19
By Eldar Janashvili - Trend:
Yevgeniy Kirin, chairman of the board of VTB Bank Azerbaijan, a subsidiary of Russia’s VTB Bank, spoke at a press conference in Baku about the results of the bank’s activities for 2019, Trend reports Dec. 19.
The year 2019 was quite fruitful, Kirin said.
The chairman of the board reminded that according to the results of nine months, the bank made a profit of 9.9 million manat ($5.8 million), and taking into account a slight decline in the fourth quarter, the bank’s leadership estimates that the bank will reach a profit of 6 million manat ($3.5 million) as of the end of this year.
A double increase in the bank’s loan portfolio and a decrease in the problem loans by 65 million manat ($38.3 million) was also achieved, Kirin noted.
In addition, during the reporting period, there was an increase in the balance of customer accounts, which clearly shows a high level of customer confidence in the bank, said the chairman.
With an increase in capital to 90 million manat ($53 million), the interest and commission margin of the bank grew, Kirin added.
In addition to quantitative indicators, the bank’s chairman also noted other steps taken in 2019.
So, numerous campaigns were held in the retail and corporate segments. In the first case, these are such loan products as ‘Starting’, ‘Refinancing’, and mortgage, as well as the ‘Jubilee’ deposit product. In the second case, these are revolving and investment loan products for small businesses with longer loan terms.
($1= 1.7 manat on Dec. 19)