Azerbaijan Industry Bank achieves 69% rise in profit

Azerbaijan Industry Bank achieves 69% rise in profit
# 13 May 2009 13:12 (UTC +04:00)
Baku. Elnur Huseynguluyev – APA-Economics. As of April 1, Azerbaijan Industry Bank’s assets stood at AZN 61.373 million, down 29% on a year ago.
The bank said loan portfolio decreased by 37.8% to AZN 35.134 million, deposit portfolio decreased 61.5% to AZN 22.272 million, total equity capital went up 15% to AZN 17.082 million and authorized capital stood at AZN 12.8 million.

Consumer lending fell twofold to AZN 9.636 million.

Revenue fell by 28% year-on-year to AZN 2.693 million and expenditures dropped by 44.3% to AZN 1.765 million.
Profit jumped 68.7% to AZN 0.928 million.

The bank established 3 branches, 9 ATMs and 148 POS terminals over the past one year.

The number of employees increased 70% to 129.

PR and marketing expenses grew by 3.6 times to AZN 47 000 and investment reached AZN 2.806 million.

The bank was originally established as CIBank in 1996 and was renamed as Azerbaijan Industry Bank in late 2006.

It operates 7 branches, 21 ATMs and 199 POS-terminals.
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