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Azerbaijanâ€™s Birlik Bank to raise capital

01 September 2008 14:04 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. The State Committee for Securities registered the issue prospectus of ordinary registered book-entry stocks of â€œBirlikbankâ€ OJSC.
The volume of the issue is 870 000 AZN, face value per stock 200 AZN. According to the issue prospectus, placement will be held by public subscription at the Baku Stock Exchange.
The placement is expected to start in September. If successful, the bankâ€™s authorized share capital will grow by 6.7% to AZN 13.87 million.
As of July 1, Birlik Bankâ€™s assets stood at AZN 36.448 million, loan portfolio at AZN 27.696 million, deposit portfolio at AZN 1.024 million, total capital at AZN 15.359 million and authorized capital at AZN 13 million.
During the six months, revenues rose 31.3% to AZN 1.919 million and expenditures increased 37.4% to AZN 1.770 million. Gross profit increased 14.9 to AZN 149 000.
At present the bank operates 3 branches across the country.
Owned by 20 local individuals, the bank has been in operation since 1993