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United Credit Bank predicts 68% rise in assets

31 October 2008 12:45 (UTC +04:00)

Baku. Elnur Huseynquluyev â€“ APA-Economics. Azerbaijan-based United Credit Bank predicts a 68.1% year-on-year rise in assets to AZN 40 million by the yearend.
Under the bankâ€™s strategic plan for 2008-2010, the bankâ€™s loan portfolio is expected to rise 64% to AZN 30 million, deposit portfolio to double to AZN 16 million, total capital to double to AZN 27.597 million and net profit to increase 89.3% to AZN 388 000.
Under the predictions, return on assets (ROA) is predicted to rise 0.74 points to 1.86 and return on equity to increase 3 points to 1.5.
As of October 1, the 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.
The bankâ€™s profit was AZN 173 000.
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.