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AccessBank sees double growth in deposit base

20 October 2009 14:28 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. As of October 1, Azerbaijan-based AccessBank posted its assets at AZN 270.313 million, up 44.1% from a year ago.

The bank said deposit portfolio increased by 2.4 times to AZN 41.519 million and loan portfolio rose by 38.1% to AZN 219.395 million.
Consumer lending grew by 5% to AZN 15.876 million.

At the same time, total capital went up by 42.7% to AZN 56.591 million and authorized capital stock stood at AZN 20 million.

Revenue rose by 2.1 times year-on-year to AZN 49.185 million and expenditure increased by 2.5 times to AZN 34.975 million. Profit jumped by 52.2% to AZN 14.210 million.

The bank established 6 branches, 3 ATMs and 22 POS terminals over the past one year. The number of staff members reached 965.

Microfinance Bank of Azerbaijan changed its name to Access Bank after approval by the National Bank of Azerbaijan in September, 2008.
The new name derives from the name of one of the shareholders â€“ Access Holding which owns a 16.53% stake.
Besides, the bankâ€™s shareholders are EBRD (20%), IFC (20%), BSTDB (20%), KfW (20%) and LFS Financial Systems GmbH. (2.47%).
The bank has been in operation since 2002. It operates 23 branches, 23 ATMs and 47 POS-terminals.