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United Credit Bank gets 46% rise in assets

12 December 2008 08:16 (UTC +04:00)

Baku. Elnur Huseynquluyev â€“ APA-Economics. As of December 1, Azerbaijan-based United Credit Bankâ€™s assets stood at AZN 31.744 million, up 45.5% on the same period last year.
Vahid Aliyev, deputy chairman of the bank, said loan portfolio increased 29.2% to AZN 21.154 million and consumer loans reached AZN 9.096 million.
The bankâ€™s deposit portfolio grew 39.8% to AZN 7.755 million, total capital stood rose 2.5% to AZN 13.359 million and authorized capital stood at AZN 12.108 million.
For January-November, revenue rose 41.9% to AZN 4.416 million and expenditures increased 40.3% to AZN 4.366 million. Profit grew 1.8% to AZN 49 860.
The bankâ€™s tax expenses rose 54.1% to AZN 260 700 and PR and marketing spending more than doubled to AZN 17 398. The number of staff increased 8.2% to 92 and average salary rose 45.8% to AZN 745.
The bank operates 5 branches and 5 ATMs 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.