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Amrahbank posts 10% rise in consumer lending

13 October 2009 16:53 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. As at October 1, Azerbaijan-based Amrahbank posted its asets at AZN 63.094 million, down 3% from a year ago.

Deposit portfolio fell 1.2% to AZN 35.740 million, loan portfolio dropped by 25% to AZN 36.702 million while consumer lending grew by 9.5% to AZN 21.780 million, said the bank.

Besides, total equity capital fell by 6.9% to AZN 20.365 million and authorized capital stock remained unchanged at AZN 12.821 million.

Revenue increased by 3.5% year-on-year to AZN 9.129 million and expenditure rose by 42% to AZN 7.548 million. Profit fell 55% to AZN 1.581 million.

The bank established 3 ATMs and 4 POS terminals during this period. The number of staff members increased by 5.6% to 339 and average monthly salary rose by 51.4% to AZN 530.

Amrahbank is one of the oldest (est. 1993) and leading commercial banks of Azerbaijan. It offers a wide range of retail and corporate banking products such as deposits, loans, money transfers, documentary transactions and investment advisory services. The Bank is a member of various professional organisations such as the Deposit Insurance Fund, Mortgage Fund, National Entrepreneurship Fund and Azerbaijan Banks Association. The strategic partnership with the International Investment Bank based in Bahrain (through a 49% shareholding), has played a key role in further developing many areas of Amrahbank including corporate governance, international cooperation and product and services quality.