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Significant growth expected on main financial indicators of Mugan Bank this year

Significant growth expected on main financial indicators of Mugan Bank this year

05 October 2011 13:32 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Azerbaijanâ€™s Mugan bank is forecasted to get nearly AZN 7 mln profit at the end of 2011, up 3.2 times from a year earlier, Board Chairman Elmir Hasanov said.

To him, according to forecasts, 60% of profit will fall on share of interest profit, 405 â€“ non-interest profit.

Hasanov also noted that this year, assets, deposits and loan portfolio are expected to increase this year. Thus, in current year, bankâ€™s assets rose 20% to AZN 250 mln, loan portfolio â€“ 35% to AZN 180 mln, deposit portfolio extended 20% to AZN 100 mln.

Chairman of the bank spoke about the future capitalization too. To him, in accordance with the strategy, the authorized capital is planned to rise 33% to AZN 30 mln.

Remind that, Mugan Bank has been in operation since 1992. It has 30 branches across the country.

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