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Bank of Baku gets triple growth in profit

17 October 2008 15:55 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. As of October 1, Azerbaijan-based Bank of Bakuâ€™s assets stood at AZN 185.149 million, up 63.6% on a year earlier.
The bank said deposit portfolio rose 59% to AZN 145.616 million and loan portfolio increased 73.3% to AZN 153.773 million, including consumer loans grew 82.4% to AZN 89.631 million.
Total capital rose 69.4% to AZN 25.521 million and authorized capital at AZN 6.8 million.
Compared to the same period last year, revenues more than doubled to AZN 30.229 million and expenditures rose 73.1% to AZN 20.790 million. The bankâ€™s profit rose 3.5 times, year-over-year, to 9.439 million and net profit reached AZN 7.362 million.
The bank established 1 branch, 1 office, 3 ATMs and 16 POS terminals during this period.
The bank currently operates 15 branches, 2 offices, 23 ATMs and 226 POS terminals. The number of employees rose 22.8% to 452.
One of the first commercial banks in Azerbaijan, Bank of Baku was registered on 14 February, 1994 originally under the name of Tugay Bank. The key founder of BOB was the Turkish company Nab DÄ±ÅŸ Ticaret. On 10 February 1997, Bank of Bakuâ€™s name was changed to Bank of Baku and it was reregistered as a joint stock commercial bank in August 1997.