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United Credit Bank predicts a 90% rise in profit this year

30 October 2008 08:06 (UTC +04:00)

Baku Elnur Huseynguluyev â€“ APA-Economics. Azerbaijan-based United Credit Bank predicts to get AZN 388 000 in profit in 2008 as part of its 2008-2010 strategic plan.
The figure is an 89.3% rise on last year.
The bank said interest income is expected to be AZN 4 million, interest expenses AZN 2 million, net interest income AZN 1.650 million and non-interest expense AZN 2.098 million.
The bank will pay AZN 53 400 in tax to the state budget.
According to the outlook, the bankâ€™s net profit will be AZN 600 000 in 2009 and AZN 850 000 in 2010.
As of October 1, United Credit Bankâ€™s assets stood at AZN 33.514 million, loan portfolio at AZN 22.167 million, deposit portfolio at AZN 8.675 million, total capital at AZN 13.428 million and authorized capital at AZN 12.108 million. Consumer loans amounted to AZN 8.806 million. The bankâ€™s profit was AZN 173 000 for January-September. The bank operates 5 branches, 5 ATMs and 4 POS terminals across the country.
Rossiyski Kredit Azerbaijani-Russian bank was established by 1 legal and 2 individual bodies in 1996 and was renamed in 1998 as United Credit Bank.