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Kafkaz Development Bank increases lending by 70% year-on-year

25 October 2011 13:41 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. As of October 1, 2011, Azerbaijan-based Kafkaz Development Bankâ€™s assets stood at AZN 55.369 mln, up 59% from year earlier.

Bank says the loan portfolio increased by 66% to AZN 50.569 mln, as well 12-month loans decreased by 9.2% to AZN 6.353 mln, +12-month loans soared 88% to AZN 44.178 mln, consumer lending soared 2.7 times to AZN 3.888 mln, overdue credits increased by 2.2% to AZN 1.513 mln.

Deposit portfolio surged 3.1 times to AZN 6.520 mln, as well term deposits rose 2.6 times to AZN 1.827 mln, demand deposits soared 3.3 times to AZN 4.693 mln, populationâ€™s deposits increased by 2.5 times to AZN 1.827 mln.

Note that, income increased by 2.2 times to AZN 2.371 mln, expenditures â€“ by 1.6% to AZN 1.480 mln. Consequently, profit made AZN 891,000.

Remind that, Kafkaz Development Bank has been in operation since 1996. the bnak operates 2 branches across the country.