VTB Bank Azerbaijan sees drastic increase in net profit

Finance Materials 25 October 2021 16:11 (UTC +04:00)
VTB Bank Azerbaijan sees drastic increase in net profit

BAKU, Azerbaijan, Oct. 25

By Sadraddin Aghjayev - Trend:

Assets of Russia’s VTB Bank PJSC affiliate in Azerbaijan increased by 10 percent in the first 9 months of 2021 compared to the same period of 2020, and net profit - by 52 percent, Trend reports citing the bank's financial report.

According to the report, the bank's assets increased to 206.1 million manat ($121.2 million), and net profit - by 3.92 million manat ($2.3 million).

In addition, during the reporting period, the bank's loan portfolio increased by 16.9 percent - up to 147.1 million manat ($86.5 million).

"The bank's portfolio of consumer loans amounted to 47.7 million manat ($28 million), and business loans - 76.4 million manat ($44.9 million). The bank's liabilities amounted to 137.7 million manat ($81 million) as of early October, having risen by 11.6 percent on annual basis. The bank’s deposit portfolio amounted to over 86.5 million manat, a growth of 14.9 percent," the bank said.

VTB (Azerbaijan) is the main partner bank for Azerbaijani businessmen doing business with Russia. Its main task is to help Azerbaijani business enter new markets in the countries where VTB Group operates, as well as to support Russian companies operating in Azerbaijan. In the structure of the bank's shareholders, 99.99 percent of the shares belong to VTB Bank PJSC and 0.01 percent - to individuals.

Individuals' deposits amounted to about 46 million manat or $27 million (an increase of 17.2 percent).

The bank's fixed capital at the beginning of October amounted to 68.2 million manat or $40.1 million (an increase of 6.96 percent), and the authorized capital - 315.8 million manat ($185.7 million).

(1 USD = 1.7 AZN on Oct.25)


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