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Microfinance Bank of Azerbaijan achieves 95% assets growth

21 August 2008 13:58 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. As of July 1, Microfinance Bank of Azerbaijanâ€™s assets stood at AZ 175.677 million, up 95.2% from January 1.
The bank said loan portfolio rose 2.1 times to AZN 147.560 million, deposit portfolio increased 37.8% to AZN 10.016 million, total capital went up 2.2 times to AZN 37.589 million and authorized capital grew 8.1.8% to AZN 20million.
For the first half of 2008 the bankâ€™s revenue rose 2.2 times to AZN 17.527 million, expenditures increased 80% to AZN 10.678 million, profit jumped 3.2 times to AZN 6.849 million.
The bank established 6 branches, 8 ATMs and 25 POS terminals over the past year. The number of the bankâ€™s staff rose 39.3% to 787.
Microfinance Bank of Azerbaijan is owned by EBRD (20%), IFC (20%), BSTDB (20%), AccessHolding (16.53%), KfW German Development Bank (20%), and LFS Financial Systems (3.47%).
MFBA has been in operation since 2002.