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Kovser Bank sees 54% rise in deposits

Kovser Bank sees 54% rise in deposits

02 November 2009 16:40 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. As at October 1, Azerbaijan-based Kovser Bankâ€™s assets stood at AZN 17.336 million, up 8.5% on a year ago.

The bank said deposit portfolio rose by 54.2% to AZN 3.071 million, total capital increased by 1% to AZN 10.254 million and authorized capital stood at AZN 10.020 million.

Revenue and expenditure more than doubled to AZN 1.734 million and AZN 1.708 million.

Profit plunged by 16% to AZN 26 000.

Kovsar Bank doesnâ€™t lend loans because it operates on sharia.
Kovsar Bank was established as Universal Bank in 1989. Kovsar Bank is a member of Accounting and Auditing Organization for Islamic Financial Institutions and Association of Islamic Banks.

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