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Bank of Baku posts lower financials

29 April 2009 11:49 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. As of April 1, Azerbaijan-based Bank of Bakuâ€™s assets stood at AZN 166.348 million, down 4% on a year ago.

The bank said deposit portfolio dropped by 0.4% to AZN 72.525 million, loan portfolio decreased by 7.5% to AZN 126.426 million while total equity capital went up 37.9% to AZN 29.626 million and authorized capital at AZN 6.8 million. Consumer lending dipped by 10.4% to AZN 88.468 million.

Revenue increased 7.4% year-on-year to AZN 0/758 million and expenditures rose by 15.1% to AZN 9.686 million. The bankâ€™s profit declined by 8.1% year-over-year to 2.772 million and net profit increased by 317.2 to AZN 2.757 million.
Tax expenses declined by 44.3 times to AZN 15 000.
The bank currently operates 15 branches, 25 ATMs and 238 POS terminals.

One of the first commercial banks in Azerbaijan, Bank of Baku was registered on 14 February, 1994 originally under the name of Tugay Bank. The key founder of BOB was the Turkish company Nab DÄ±ÅŸ Ticaret.
On 10 February 1997, Bank of Bakuâ€™s name was changed to Bank of Baku and it was reregistered as a joint stock commercial bank in August 1997.