Royal Bank posts 2.4 times year-on-year growth in assets

Royal Bank posts 2.4 times year-on-year growth in assets
# 06 May 2009 16:23 (UTC +04:00)
Baku. Elnur Huseynguluyev – APA-Economics. As of April 1, Azerbaijan-based Royal Bank’s assets stood at AZN 113.087 million, up 82.2% on a year ago.

The bank said loan portfolio more than doubled to AZN 83.113, deposit portfolio rose by 2.4 times to AZN 63.126 million, total equity capital increased by 24.1% to AZN 21.744 million and authorized capital stock grew by 42.8% to AZN 19.912 million.

Consumer lending grew by 2.1 times to AZN 70.904 million.

As against a year ago, revenue doubled to AZN 5.844 million and expenditure increased by 97% to AZN 5.127 million. The bank’s profit soared by 2.7 times to AZN 717 000.

The bank established 11 branches, 16 ATMs and 17 POS terminals over the past year.
The number of employees increased by 68.2% to 540 and monthly salary rose by 32% to AZN 504 on average.

At present the bank operates 29 branches, 4 bureaux de change, 28 ATMs and 54 POS terminals across the country.

Royal Bank (so named in 2008) was established by a U.S. citizen in 1993 as OZ Bank which was renamed as Royal Bank of Baku in 2003.