Bank Of Baku

Kredo Bank gets 81% rise in profit year–on-year

Kredo Bank gets 81% rise in profit year–on-year
# 17 August 2011 14:23 (UTC +04:00)
Baku Nijat Mustafayev – APA-Economics. As of July 1, 2011, Azerbaijan-based Kredo Bank‘s assets stood at AZN 82.191 mln, up 21.8% from year earlier.

Bank says deposit portfolio decreased by 3.1% to AZN 11.351 mln, loan portfolio rose 30.3% to AZN 65.071 mln, as well consumer lending soared 31% to AZN 12.214 mln.

Total capital surged 44% to AZN 20.672 mln, including authorized capital climbed 42.2% to AZN 18.540 mln.

Income dropped 22% to AZN 3.974 mln, expenditure slipped 26.4% to AZN 3.509 mln. Consequently, profit rose 81.1% to AZN 581,300.

Besides, number of clients rose 12.3% to 27,475, as well individuals increased by 12.1% to 24,606, legal entities – by 14.5% to 2,869.

Remind that, KredoBank has been in operation since 1994. THE bank operates 15 branches, 4 ATMs and 54 POS-terminals across the country.
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