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Bank of Baku sees a sharp drop in profit

23 October 2009 12:17 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-ECONOMICS. As of October 1, Azerbaijan-based Bank of Bakuâ€™s assets stood at AZN 179.299 million, down 3.2% on a year ago.

The bank said deposit portfolio increased by 5.6% to AZN 84.291 million, loan portfolio decreased by 8.1% to AZN 130.194 million while consumer lending dipped by 2.6% to AZN 99.512 million.

Total equity capital went up 30% to AZN 33.147 million and authorized capital at AZN 6.8 million.

Revenue decreased 6.4% year-on-year to AZN 28.282 million and expenditures rose by 5.8% to AZN 29.790 million. The bankâ€™s profit declined by 33.3% year-over-year to 6.293 million, net profit dropped by 15.1% to AZN 6.248 million.

The bank currently operates 15 branches, 25 ATMs and 205 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.