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Bank of Baku posts lower financials

27 July 2009 09:45 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-ECONOMICS. As of July 1, Azerbaijan-based Bank of Bakuâ€™s assets stood at AZN 168.307 million, down 4.5% on a year ago.

The bank said deposit portfolio dropped by 5% to AZN 80.089 million, loan portfolio decreased by 14.4% to AZN 122.040 million while total equity capital went up 31.2% to AZN 30.921 million and authorized capital at AZN 6.8 million. Consumer lending dipped by 11.4% to AZN 89.463 million.

Revenue increased 4.3% year-on-year to AZN 18.532 million and expenditures rose by 6.4% to AZN 14.381 million. The bankâ€™s profit declined by 29.2% year-over-year to 4.152 million.

The bank has established 1 ATM and took away 46 POS terminals
The bank currently operates 15 branches, 25 ATMs and 211 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.