Finance

Finance

Technikabank gets sharp increase in quarterly profit

03 July 2012 13:46 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. According to outcomes of June, 2012, Technikabank saw serious growth on main financial indicators. Only within the last month, the bank had attracted more than 1,200 customers.

The growth in retail deposits was 0.6%, or AZN 0.6 million and the total volume reached AZN 106.6 million. Monthly growth of deposits from legal entities amounted to 2.3% (AZN 1.5 million) and reached the level of AZN 62.8 million. Only last month, the total turnover of customers increased by 48% to $102.1 million.

The total amount of reserves established in the II quarter of 2012 exceeded AZN 67 million. At the same time realized net interest income amounted to AZN 5.5 million against AZN 2.1 million in the I quarter of 2012. Net commission income amounted to AZN 2.8 million, which is 56% (AZN 1 million) higher than in I quarter of 2012.

According to the Chairman of the Observation Council of the bank Rovshan Ismayilov, as a result of work on asset quality and cost of resources is a real bankâ€™s net, interest margin increased by more than 3 times: â€˜This will allow the bank to reach the line a quarterly profit of at least AZN 2.5 million from the III quarter of 2012â€™.