Finance

Finance

United Credit Bank gets 71% rise in deposit portfolio

29 January 2010 10:05 (UTC +04:00)

Baku Elnur Hueynguluyev â€“ APA-Economics. As of January 1, Azerbaijan-based United Credit Bank posted its assets at AZN 42.080 million, up 30.1% from a year ago.

The bankâ€™s deputy chairman Vahid Aliyev told APA-Economics that loan portfolio increased by 28.5% to AZN 29.235 million, deposit portfolio rose by 71% to AZN 14.366 million.

Consumer lending grew by 30% to AZN 11.775 million.

Term deposits increased by 39.3% to AZN 8.772 million and other deposits increased by 2.6 times to AZN 5.594 million.

Term deposits by individuals rose by 31.7% to AZN 7.091 million, by legal entities by 83.5% to AZN 1.681 million. Termless deposits by legal entities rose by 3.5 times to AZN 4.065 million, by individuals by 58% to AZN 1.416 million.

Total equity capital increased by 0.24% to AZN 13.538 million and authorized capital stock remained unchanged on AZN 12.108 million.

As against a year ago, revenue increased by 11.8% to AZN 5.446 million including interest income AZN 4.815 million and non-interest income AZN 631 310 while expenditure increased 17.3% to AZN 5.373 million including interest expenses AZN 1.976 million and non-interest expenses AZN 3.396 million.
The bankâ€™s profit reached AZN 74 000 and net profit AZN 30 000.

Owned by a legal entity and two individuals, United Credit Bank has been in operation since 1996. The bank has 5 branches, 5 ATM, 17 POS terminals and 99 employees.