Finance

Finance

Bank Respublika posts 10% drop in assets

21 January 2010 13:32 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. As of January 1, Azerbaijan-based Bank Respublika posted its assets at AZN 347.9 million, down 10.3% from a year ago.

The bank attributed a fall in assets to the decline in the balance of loan portfolio due to conservative lending and risk management policy. Loan portfolio accounted for 56.5% or AZN 196.6 million of the loan portfolio.

Deposit portfolio rose by 1.7% to AZN 149.878 million, while loan portfolio dropped by 13.7% AZN 240.954 million, consumer lending fell by 32.8% to AZN 97.310 million.

Customer accounts surged by 19.5% to AZN 162 million, individual deposits soared by 41% to AZN 112 million. Household deposits grew by 47.3% to AZN 94.5 million.

Total equity capital grew by 28.2% to AZN 55.5 million and authorized capital stock went up by 35.4% to AZN 30.6 million.

Revenue for the year of 2009 stood at AZN 54.9 million and expenditures at AZN 46.9 million. Profit made AZN 8 million.

Bank Respublika has been in operation since 1992. DEG Investment Corporation and Sparkassen International Development Trust hold a 25%+1 joint stake.

The bank operates 34 branches and subbranches across the country.