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Azer-Turk Bank sees sharp increase in profit

28 August 2012 09:44 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Q1 profit of Azer-Turk Bank increased by 86% and amounted to AZN 723.86 thousand.

The bank’s total assets increased by 13% to AZN 64.6 million. Loan portfolio increased by 12% compared to the same period last year and reached AZN 41.012 million. Intense increase in the loan portfolio was the result of the Bank’s policy of low interest rates on credit products. Thus, the annual effective interest rate of the bank’s consumer loans does not exceed 10-12% per annum.

Expansion of the loan portfolio had a positive effect on the level of income of the bank, that is it increased by 15% compared to the same period of the previous year, and amounted to AZN 4.46 million. The increase in interest and fee income amounted to, respectively, 14% and 19%.

Azer-Turk Bank was established in 1995.