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Kovser Bank sees 28% rise in deposits

28 January 2010 08:53 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. As at January 1, Azerbaijan-based Kovser Bankâ€™s assets stood at AZN 17.705 million, up 2.7% from a year ago.

The bank said deposit portfolio rose by 27.8% to AZN 3.269 million, total capital increased by 1.8% to AZN 10.411 million and authorized capital stood at AZN 10.020 million.

Revenue went up by 87.9% to AZN 2.094 million and expenditure doubles to AZN 1.940 million. Profit dropped by 1.5% on year to AZN 124 000.

Kovser Bank doesnâ€™t lend loans as it operates on sharia.

Kovser Bank was established as Universal Bank in 1989. Kovser Bank is a member of Accounting and Auditing Organization for Islamic Financial Institutions and Association of Islamic Banks.