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United Credit Bank posts 42% rise in tax payment

14 January 2009 15:11 (UTC +04:00)

Baku. Elnur Huseynquluyev â€“ APA-Economics. As of January 1, Azerbaijan-based United Credit Bankâ€™s assets stood at AZN 32.351 million, up 35.9% on a year ago.
Vahid Aliyev, deputy chairman of the bank, said loan portfolio increased 20.3% to AZN 21.049 million and consumer loans rose 0.8% to AZN 9.064 million.
The bankâ€™s deposit portfolio grew 7.1% to AZN 7.442 million, total capital stood rose 2.3% to AZN 13.506 million and authorized capital stood at AZN 12.108 million.
For 2008, revenue rose 38% to AZN 4.873 million and expenditures increased 46% to AZN 4.582 million. Profit dropped 26% to AZN 291 000 and net profit fell 5.4% to AZN 194 000.
The bankâ€™s tax expenses rose 42% to AZN 311 574 and PR and marketing spending more than doubled to AZN 21 034. The number of staff increased 9.5% to 92 and average salary rose 48.4% to AZN 766.
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.