Finance

Finance

Bank of Baku sees a 17% rise in deposit portfolio

26 January 2010 14:18 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-ECONOMICS. As of January 1, Azerbaijan-based Bank of Bakuâ€™s assets stood at AZN 187.396 million, up 1.9% on a year ago.

On year-on-year basis, deposit portfolio increased by 16.5% to AZN 94.245 million, loan portfolio decreased by 3.7% to AZN 129.246 million while consumer lending went up by 2.5% to AZN 99.073 million, said the bank.

Total equity capital went up 28.7% to AZN 32.863 million and authorized capital at AZN 6.8 million.

Revenue decreased 7.2% year-on-year to AZN 38.149 million and expenditure rose by 5.1% to AZN 31.999 million. The bankâ€™s profit declined by 42.2%, year-over-year, to 6.149 million.

One of the first commercial banks in Azerbaijan, Bank of Baku was registered on 14 February, 1994 originally under the name of Tugay Bank. The key founder of BOB was the Turkish company Nab DÄ±ÅŸ Ticaret.
On 10 February 1997, Bank of Bakuâ€™s name was changed to Bank of Baku and it was reregistered as a joint stock commercial bank in August 1997.