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Technikabank achieves a 21% year-on-year rise in profit

15 January 2009 14:40 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. As of January 1, Technikabankâ€™s assets stood at AZN 450.1 million, up 27% on a year ago.
The Bank said loan portfolio rose 28.4% to AZN 337.691 million, including consumer loans reaching AZN 64.356 million. Besides, deposit portfolio fell 11.2% to AZN 182.330 million while total capital increased 39.7% to AZN 51.565 million and authorized capital stood at AZN 26.912 million.
For 2008, revenue rose 72.5% to AZN 73.779 million and expenditures nearly doubled to AZN 56.241 million. Profit jumped 18.7% to AZN 17.538 million and net profit was up 20.7% to AZN 13.822.
Investment in the economic rose 9.4 times to AZN 2.338 million and PR, marketing spending increased 48.6% to AZN 5.366 million and tax expenses went up 19% to AZN 3.716 million. The bank established 4 branches and 59 POS terminals over the past year. The number of its staff members rose 22.2% to 577.
As one of the top banks in Azerbaijan, Technikabank has been in operation since 1993.
The bank operates 35 branches, 2 service offices and 3 bureaus of exchange.