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KredoBank posts a sharp drop in profit

23 October 2009 16:44 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. As of October 1, Azerbaijan-based KredoBankâ€™s assets stood at AZN 57.913 million, up 89.5% from a year ago.

The bank said loan portfolio rose 58.6% to AZN 33.793 million, deposit portfolio increased by 91.2% to AZN 18.570 million, total capital went down 4.9% to AZN 13.934 million and authorized capital stood at AZN 13.040 million.
Consumer lending grew by 20.2% to AZN 7.888 million.

Revenue increased by 27% over the past year to AZN 4.055 million and expenditures rose by 43.2% to AZN 4.006 million.
Profit plunged by more than 8-fold to AZN 0.048 million.

The bank established 5 branch, 1 ATM and 53 POS terminals over the past year.

The number of employees rose 24.8% to 156 and salary increased 72.3% to AZN 273 on average.
Owned by 11 individuals, KredoBank has been in operation since 1994. The bank operates 14 branches, 6 ATMs and 55 POS-terminals.