Baku. Elnur Huseynguluyev – APA-Economics. Azerbaijan-based Kredo Bank is planning to double its assets to AZN 75 million this year, said Barat Piriyev, Chairman of the Board.
According to him, the bank will also raise its loan portfolio by 70-80% to AZN 45-46 million, deposit portfolio by 40% to AZN 12.69 million and total capital by 19.4% to AZN 16 million.
“We also plan to realize an additional issue of stocks to raise the share capital. I don’t know how much the increase will be because this will be the shareholders’ decision,†he added.
As of April 1, the bank’s assets stood at AZN 37.074 million, loan portfolio at AZN 25.302 million, deposit portfolio at AZN 9.071 million, total capital at AZN 13.776 million and authorized capital at AZN 13.040.
Owned by 11 local individuals, Kredo Bank has been in operation since 1994.
The bank operates 13 branches across the country.
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