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Kredo Bank achieves 37% rise in assets

Kredo Bank achieves 37% rise in assets

18 August 2008 09:33 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. As of July 1, Azerbaijan-based Kredo Bankâ€™s assets stood at AZN 26.130 million, up 37.3% from a year earlier.
The bank said loan portfolio increased 66.2% to AZN 19.357 million, deposit portfolio rose 28.8% to AZN 4.017 million, total capital grew 26.8% to AZN 14.351 million and authorized capital went up 19.9% to AZN 12.640 million.
As opposed to the same period last year, revenues for the first half rose 73.4% to AZN 3.454 million and expenditures went up 72.9% to AZM 2.059 million.
The number of bankâ€™s employees rose 7.3% to 117 and average salary doubled to AZN 125.
Profit rose 74.2% to AZN 1.395 million and net profit increased 76.6% to AZN 1.127 million.
Owned by 11 local individuals, Kredo bank has been in operation since 1994.
The bank operates 9 branches.

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