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Gandja Bank sees 3-fold drop in profit

Gandja Bank sees 3-fold drop in profit

06 February 2010 12:44 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. As of January 1, Azerbaijan-based Gandja Bankâ€™s assets stood at AZN 38.894 million, up 25% on a year ago.

The bank said loan portfolio rose 8.3% to AZN 26.932 million, deposit portfolio decreased 25.2% to AZN 2.963 million, total capital went up 48% to AZN 16.577 million and authorized capital increased by 15% to AZN 15 million.

Consumer lending dropped 70% to AZN 2.194 million.

Revenue for 2009 decreased by 40% over the past year to AZN 3.415 million and expenditures by 35% to AZN 3.115 million.
Profit dropped by 3-fold to AZN 0.300 million.

The number of employees rose 6.9% to 77 and salary went down by 23% to AZN 561 on average. Number of clients reached 2334.
Established in 1994, Gandjabank operates 5 branches, 6 ATMs and 14 POS-terminals.

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