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Azerbaijan Industry Bank to raise mortgage portfolio by 70% this year

15 September 2008 09:38 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Azerbaijan Industry Bank intends to raise its mortgage portfolio by 66.7% to AZN 10 million by the end of this year.
Hasan Incekara, Chairman of the Bank, said that AZN 800 000 has been allocated for state mortgage program.
The bankâ€™s current mortgage portelio is AZN 6 million and it is expected to reach AZN 10 million this year.
He also added that the number of plastic cards is expected to increase by 53.8% to 10 000 this year. 50% of the cards will be credit cards.
The bank was originally established as CIBank in 1996 and was renamed as Azerbaijan Industry Bank in late 2006.
As at July 1, assets stood at AZN 81.121 million, loan portfolio at AZN 47.819 million, deposit portfolio at AZN 47.853 million, total capital at AZN 19.265 million and authorized capital at AZN 12.8 million.
The bank operates 5 branches, 16 ATMs and 100 POS terminals across the country.