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Population’s deposits account for about 75% of entire deposit portfolio at Access Bank

Finance Materials 26 January 2021 14:50
Population’s deposits account for about 75% of entire deposit portfolio at Access Bank

Baku, Azerbaijan, Jan. 26

By Zeyni Jafarov - Trend:

The development of banking infrastructure in the Azerbaijani territories liberated from the Armenian occupation is in the focus of Access Bank, Ilkin Guliyev, head of the retail banking department of Access Bank, told Trend on Jan. 26.

“The bank is considering creating bank branches in Fuzuli, Jabrayil, Kalbajar, Aghdam and Shusha cities in the long term,” Guliyev added. The final decision on this matter will be adopted at the shareholder's meeting planned to be held in early Q2 2021.

As for the deposit policy, Guliyev stressed that deposits are one of the important products for the bank.

“So, if we take into account the statistics of 2019-2020, it becomes clear that the bank has greatly improved its positions in this direction,” head of the department added. “The attraction of deposits from individuals that was the biggest one in comparison with all other banks on the market, which once again proves both the reliability of the bank for depositors and the priority of deposit operations for Access Bank itself.”

The total deposit portfolio of Access Bank is 630 million manat ($370 million) and the biggest investments are observed on the Term Deposit product. The population’s deposits account for about 75 percent of the entire deposit portfolio. The bank's portfolio increased by more than 100 million manat ($58 million) compared to 2018. The difference between the indicators of the beginning and the end of 2020 is more than 18 million manat ($10 million) in the direction of growth.

“A new savings product and a new product line for cards were created in terms of depository in 2020,” the head of the department said. “Customers earn up to six percent per annum on a positive balance on these products.”

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