BAKU, Azerbaijan, September 18. The Turkish company Sheker Gayrimenkul Investment Partnership has taken a loan of $7.5 million from Ziraat Bank Azerbaijan, Trend reports.
The data from the company shows that the loan was raised for one year. The Turkish company plans to invest the received funds and partially repay its debts.
It is noted that the loan was secured by securities and real estate owned by the company.
Ziraat Bank Azerbaijan finished the first half of the year with a net profit of 4.1 million manat ($2.4 million).
The bank's data shows that net profit increased by 8.3 percent, or 318,000 manat ($187,058), year-on-year (3.8 million manat, which is $2.2 million).
The bank's interest income increased by 6.8 million manat ($3.9 million) or 41.3 percent to 20.8 million manat ($12.2 million) from January through July 2023 year-on-year, while non-interest income grew by 10.1 percent, or 611,000 manat ($359,411), to 6.6 million manat ($3.8 million).
In addition, the bank's total operating income (interest and non-interest) amounted to 27.4 million manat ($16.1 million), and its total operating expenses (interest and non-interest) amounted to 15.7 million manat ($9.2 million). Thus, their profit amounted to 10.2 million manats ($5.9 million). Out of its operating profit, the bank allocated 6.7 million manat ($3.9 million) to the creation of a special reserve to compensate for possible losses on assets.
Total assets of Ziraat Bank Azerbaijan increased by 26.7 percent, or 141.4 million manat ($83.1 million), during the reporting period and amounted to 670.3 million manat ($394.2 million). The growth of the loan portfolio by 9.6 percent, or 30.3 million manat ($17.8 million), to 347.9 million manat ($204.6 million), was also noted.
Ziraat Bank Azerbaijan increased deposits by 42.5 percent, or 135.1 million manat ($79.4 million), to 452.9 million manat ($266.4 million) in the first half of 2023. In particular, the term deposits of individuals increased by 49.5 percent, or 49.4 million manat ($29.05 million), and reached 149.3 million manat ($87.8 million). Demand deposits of legal entities in the bank increased by 2.14 times, or 120.5 million manat ($70.8 million), to 225.7 million manat ($132.7 million).