Azerbaijan's PASHA Bank and its subsidiaries completed 2020 with profit
BAKU, Azerbaijan, April 5
By Zeyni Jafarov - Trend:
Azerbaijan's PASHA Bank and its two subsidiary banks in Turkey and Georgia ended 2020 with a net profit worth 79.5 million manat ($46.8 million), Chief Financial Administrator and Board Member of PASHA Bank Bahruz Naghiyev said.
Naghiyev made the remark at the press conference dedicated to the results of the bank's activity last year and the strategic period of 2018-2020, Trend on April 5.
“During the reporting period, the total net profit of three banks increased by three percent compared to 2019,” the chief financial administrator added.
The chief financial administrator also said that the Georgian subsidiary of PASHA Bank ended last year with a loss worth 10.7 million manat which’s $6.3 million (a twofold increase for the year).
The Turkish subsidiary of the bank received a net profit worth 7.6 million manat ($4.5 million) last year (a decrease of one percent for the year).
“While investing in the development of the country's consumer market, PASHA Bank's subsidiary in Georgia is at a loss,” Naghiyev said. “But these investments are expected to give results from the next year and the bank will get profit.”
Azerbaijan’s PASHA Bank finished last year with a net profit worth 84.2 million manat ($49.5 million).