BAKU, Azerbaijan, Oct.13
By Sadraddin Aghjayev - Trend:
Azerbaijani Pasha Bank OJSC’s subsidiaries - Pasha Bank Georgia and Turkish Pasha Yatirim Bankasi A.S. showed different financial results in the first half of 2021, Bahruz Naghiyev, the OJSC’s chief financial officer and board chairman, said on Oct.13, Trend reports.
Naghiyev made the remark at a conference entitled "Financial indicators of PASHA Bank for the first half of the year".
According to him, from January through June 2021, the total assets of the Turkish subsidiary increased by 1.46 percent, amounting to 509.1 million manat ($299.4 million), compared to the same period of last year.
Meanwhile, the volume of loans issued to customers also grew - by 4.5 percent compared to the same period of last year and made up 359.5 million manat ($211.4).
Besides, according to Naghiyev, the total capital of the subsidiary bank amounted to 114.5 million manat ($67.3 million), down by 15 percent. Net income from fees and commissions settled at 728,000 manat ($428,240), which is 49 percent more than in the first half of 2020, and net profit on foreign exchange transactions rose by 28 percent - up to 805,000 manat ($473,530).
The subsidiary’s operating profit made up nearly 13 million manat ($7.6 million), which is 20 percent more than from January through June of last year. The total operating expenses were cut by eight percent - to 4.9 million manat ($2.8 million), while the net profit surged by 93 percent, exceeding 5.6 million manat ($3.3 million).
At the same time, total assets of the Georgian subsidiary in the first half of 2021 reduced by 16 percent compared to the same period of last year, amounting to 226.7 million manat ($133.3 million), while the volume of loans issued to customers lowered by eight percent on annual basis and equaled 157.4 million manat ($92.6 million).
The total capital of the subsidiary amounted to 44.9 million manat ($26.4 million), thus decreasing by eight percent. Net income from fees and commissions settled at 101,000 manat ($59,410), which is 46 percent less than in the first half of last year, and net profit on foreign exchange transactions fell by 57 percent - to 605,000 manat ($355,880).
The operating profit of the Georgian subsidiary amounted to 5.9 million manat ($3.4 million), which is three percent less than in the same period of 2020. The total operating expenses were reduced by 15 percent - to 7.2 million manat ($4.2 million). The subsidiary bank's net profit totaled 247,000 manat ($145,290).
The bank’s authorized capital in the first financial half of 2021 amounted to 354.5 million manat ($208.5 million).
(1 USD = 1.7 AZN on Oct.13)
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