Finance

Finance

Mugan Bank posts 50% year-on-year rise in assets

25 January 2010 12:11 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. As of January 1, Azerbaijan-based Mugan Bank posted its assets at AZN 150.429 million, up 49.3% from a year ago.

Deposit portfolio grew by 60.3% to AZN 58.707 million, loan portfolio increased by 50.6% to AZN 99.976 million, total equity capital surged by 47% to AZN 21.861 million and authorized capital stock soared 58.3% to AZN 19 million, said the bank in a statement.

Consumer lending went up by 53.8% to AZN 39.488 million.

Revenue for the full year of 2009 rose by 9.6% to AZN 15.695 million and expenditure increased by 16.2% to AZN 15.231 million. Profit dropped by 61.8% year-on-year to AZN 0.463 million.

The bank established 3 branches, 9 ATMs and 7 POS terminals across the country over the past year.

As of January 1, clientele increased by 39.6% to 33 115 and the number of staff members reached 417 people, a 49.5% increase over a year ago.

Owned by four individuals, Mugan Bank has been in operation since 1992. It operates 27 branches, 30 ATMs and 69 POS terminals across the country.