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AGBank achieves 76% rise in profit

21 January 2009 09:55 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. As of January 1, Azerbaijan-based AGBankâ€™s assets stood at AZN 211.216 million, up 32.3% on a year earlier.
The bank said loan portfolio rose 41.2% to AZN 154.580 million, deposit portfolio increased 26.4% to AZN 130.437 million, total capital increased 58.4% to AZN 29.962 million and authorized capital went up 25% to AZN 15 million.
Consumer loans dropped 71.2% to AZN 12.120 million.
As opposed to a year ago, revenues for 2008 increased 59% to AZN 34.602 million and expenditures rose 54.7% AZN 26.433. The bankâ€™s profit rose by 75.5% to AZN 8.169 million while net profit fell 9.4% to AZN 3.259 million.
The bank established 3 branches, 7 ATMs and 83 POS terminals over the past year.
The number of employees increased 31.3% to 415 and average salary rose 4.2% to AZN 748.
AGBank has been in operation since 1992. The bank operates 16 branches, 53 ATMs and 376 POS-Terminals across the country.