Kovser Bank sees profit plunge

Kovser Bank sees profit plunge
# 26 May 2009 16:07 (UTC +04:00)
Baku. Elnur Huseynguluyev – APA-Economics. As at April 1, Azerbaijan-based Kovser Bank’s assets stood at AZN 16.843 million, up 11% on a year ago.

The bank said deposit portfolio rose by 33% to AZN 2.479 million, total capital increased by 2% to AZN 10.239 million and authorized capital went up 6% to AZN 10.020 million.

Revenue slumped by 4.8 fold to AZN 157 and expenditure dropped by 4.5 fold to AZN 145.

Profit plunged by 7.7 fold to AZN 12.

Kovsar Bank doesn’t lend loans because it operates on sharia.
Kovsar Bank was established as Universal Bank in 1989. Kovsar Bank is a member of Accounting and Auditing Organization for Islamic Financial Institutions and Association of Islamic Banks.
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