KredoBank posts 11-fold profit rise

KredoBank posts 11-fold profit rise
# 21 October 2008 13:46 (UTC +04:00)
Baku. Elnur Huseynguluyev – APA-Economics. As of October 1, Azerbaijan-based KredoBank’s assets stood at AZN 29.573 million, up 42% on a year earlier.
The bank said loan portfolio rose 54.3% to AZN 21.312 million, deposit portfolio jumped 81% to AZN 6.679 million, total capital went up 35.7% to AZN 14.648 million and authorized capital grew 23.7% to AZN 13.040 million.
Consumer loans grew 70% to AZN 14.648 million.
Revenue for January-September increased by 71.7% over the past year to AZN 4.846 million and expenditures rose by 340.2 to AZN 3.780 million.
Profit rose 10.8 times to AZN 1.367 million and net profit increased 10.6 times to AZN 1.066 million.
The bank’s tax payment to the state budget rose 11.6 times to AZN 300 700.
The number of employees rose 15.7% to 125 and salary increased 32.5% to AZN 159 on average.
Owned by 11 individuals, KredoBank has been in operation since 1994. The bank operates 19 branches, 16 bureaux de change, 5 ATMs and 2 POS-terminals.
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