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Kafkaz Development Bank sees deposit portfolio contracted

Kafkaz Development Bank sees deposit portfolio contracted

23 April 2009 10:27 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. As of April 1, Azerbaijan-based Kafkaz Development Bank has posted its assets at AZN 32.012 million, up 0.5% on a year ago.

The bank said deposit portfolio shrank by 20% to AZN 1.645 million while loan portfolio grew by 2.7% to AZN 27.419 million. Consumer lending doubled to AZN 2.023 million.

Total equity capital rose by 0.9% to AZN 9.923 and authorized capital stock remained steady at AZN 10 million.

As against a year ago, revenue dropped by 4 times to AZN 270 000 and expenditure fell by 2.2 times to AZN 790 000. The first quarter loss was AZN 520 000.

Kafkaz Development Bank has been in operation since 1996.

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