Finance

Finance

DemirBank posts 46% rise in deposit base

21 January 2010 16:22 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. As of January 1, Azerbaijan-based DemirBank posted its assets at AZN 266.034 million, up 16.4% from a year ago.

The bank said deposit portfolio increased by 45.6% to AZN 95.247 million, loan portfolio by 18% to AZN 198.989 million, total equity capital by 27.8% to AZN 46.587 million and authorized capital by 37.3% to AZN 18.400 million.

Consumer lending fell by 11.8% to AZN 61.655 million.

Revenue for the full year of 2009 dropped by 19.5% to AZN 53.645 million and expenditure fell by 13.6% to AZN 48.372 million. Profit decreased by 50% to AZN 5.274 million.

The bank established 2 branches, 8 ATMs and 7 POS terminals over the past year. The number of clients increased by 2.5% to 42 621 and staff members 583.

One of the first banks of Azerbaijan, DemirBank (formerly known as Azerdemiryolbank) started its operations in October 1989. Shareholders of the Banks include large international financial institutions, such as European Bank for Reconstruction and Development (EBRD) and Netherlands Development Finance Company (FMO).

The bank operates 29 branches, 47 ATMs and 259 POS terminals across the country.