Finance

Finance

Kredo Bank gets 20% rise in profit

08 February 2012 12:48 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. As of January 1, 2012, Azerbaijan-based Kredo Bankâ€™s assets stood at AZN 90.418 mln, up 8.1% from previous year.

Bank says loan portfolio rose 21% to AZN 78.804 mln, as well short-term loans (up to 12 months) soared 2.4% to AZN 23.036 mln, long term loans increased by 4.8% to AZN 44.799 mln, consumer lending advanced 75% to AZN 14.497 mln.

Overdue credit increased by 2.7 times to AZN 10.969 mln, loans given through AMF grew by 2.7 times to AZN 2.144 mln, through bankâ€™s own program â€“ by 68% to AZN 33.069 mln.

Deposit portfolio gained 24% to AZN 13.772 mln, as well term deposits climbed 12.2% to AZN 9.837 mln, demand deposits rose 66% to AZN 3.935 mln, populationâ€™s deposits wnet up 51% to AZN 13.771 mln.

Total capital increased by 31% to AZN 22.550 mln as well authorized capital soared 32% to AZN 20.540 mln.

Income made AZN 8.634 mln and expenditures â€“ AZN 8.272 mln, up 25% and 26% from year earlier. Profit went up 149% to AZN 362,000.

Remind that, Kredo Bank has been in operation since 1994. The bank operates 15 branches, 5 ATMs and 90 POS-terminals across the country.