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Kafkaz Development Bank sees sharp rise in loss

04 February 2010 13:07 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. As of January 1, Azerbaijan based Kafkaz Development Bank posted its assets at AZN 34.789 million, down 10.7% from a year ago.

Deposit portfolio increased by 2.5 times to AZN 4.555 million, loan portfolio by 10.7% to AZN 3.173 million while consumer lending plunged by 42.3% to AZN 1.516 million.

Also, total equity capital fell by 9.1% to AZN 9.488 million and authorized capital stock remained steady at AZN 10 million.

As against a year ago, revenue plunged by 49.2% to AZN 1.602 million and expenditures fell by 21% to AZN 2.573 million. The bankâ€™s loss surged by 10 times year-on-year to AZN 971 000.

Established on April, 1996 by enterprises, banks, entities from Azerbaijan, USA, Germany, Georgia, Russia and several individuals, Kafkaz Development Bank operates 2 branches.