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Azerbaijan Credit Bank sees 42% decline in profit

17 October 2008 11:06 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. As at October 1, Azerbaijan Credit Bankâ€™s assets stood at AZN 26.103, up 16% on a year earlier.
The bank said loan portfolio rose 14.8% to AZN 23.820 million, including consumer loans rising 7.3% to AZN 10.931 million, and deposit portfolio increased 72.2% to AZN 6.043 million, including peopleâ€™s savings doubling to AZN 4.880 million.
Total capital went up 7.6% to AZN 11.337 million and authorized capital grew 5.8% to AZN 10.205 million.
For January-September, revenues rose 50.3% to AZN 3.820 million and expenditures nearly doubled to AZN 3.807 million.
Profit fell 42.3%, year-over-year, to AZN 0.348 million.
The number of employees increased 11% to 51 and salary rose 63% to AZN 1 369 on average.
Azerbaijan Credit Bank, owned by 11 individuals, has been in operation since 2005.