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United Credit Bank posts 13% growth in deposit portfolio

18 May 2009 14:31 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. As of May 1, Azerbaijan-based United Credit Bank posted its assets at AZN 32.699 million, up 2% from a year ago.

The bankâ€™s deputy chairman Vahid Aliyev told APA-Economics that loan portfolio increased by 13.1% to AZN 23.968 million, deposit portfolio rose by 12.9% to AZN 8.481 million and liabilities went up by 13.4% to AZN 14.569 million.

Term deposits increased by 18.3% to AZN 6.352 million and term deposits by individuals increased by 25% to AZN 5.426 million.

Total equity capital reached AZN 13.547 million and authorized capital stock AZN 12.108 million.

Revenue increased by 37.1% to AZN 1.789 million and non-interest income doubled to AZN 225 000 while expenditure rose by 52.2% to AZN 1.756 million.

Profit for January-April was AZN 34 000.

Owned by a legal entity and two individuals, United Credit Bank has been in operation since 1996.