AccessBank achieves 85% year-over-year growth in assets

AccessBank achieves 85% year-over-year growth in assets
# 22 October 2008 14:36 (UTC +04:00)
Baku. Elnur Huseynguluyev – APA-Economics. As of October 1, Azerbaijan-based AccessBank’s assets stood at AZN 187.532 million, up 84.7% on a year earlier.
The bank said loan portfolio doubled to AZN 158.718 million, deposit portfolio jumped 95.2% to AZN 17.208 million, total capital more than doubled to AZN 39.665 million and authorized capital increased 81.8% to AZN 20 million.
Consumer loans more than doubled to AZN 15.118 million.
Compared to the same period last year, revenue for January-September increased by 2.1 times over the past year to AZN 23.574 million and expenditures rose by 79% to AZN 14.242 million.
Profit rose 3.1 times to AZN 9.333 million.
The bank established 5 branches, 6 ATMs and 20 POS terminals.
The number of employees rose 43.4% to 832.
Microfinance Bank of Azerbaijan changed its name to Access Bank after approval by the National Bank of Azerbaijan in September.
The new name derives from the name of one of the shareholders – Access Holding which owns a 16.53% stake.
The bank has been in operation since 2002. It operates 17 branches, 20 ATMs and 45 POS-terminals.