Bank Of Baku

Azerbaijan-based credit unions get 44% rise in total loan portfolio

Azerbaijan-based credit unions get 44% rise in total loan portfolio
# 10 February 2011 14:18 (UTC +04:00)
Baku. Elnur Huseynguluyev – APA-Economics. As of January 1, 2011, total loan portfolio of credit unions - members of Azerbaijan Credit Union Association, stood at AZN 27.214 mln, up 44% from year earlier, chairman of ACUA Board of Directors Elchin Bagirov told APA.

According to him, the assets rose 42% to AZN 30.583 mln, reserve capital increased by 2.4 times to AZN 2.178 mln, authorized capital soared 45% to AZN 8.034 mln. At the same time, number of unions’ members surged 41% to 18 763. Number of man members rose 37.5% to 12 897, woman members advanced 51% to 5 683, legal entities climbed 7% to 183.

He also noted that the member-credit unions of ACUA rose 20% to 69, in 2010.

Remind that, ACUA has been in operation since 2003.
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