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Birlik Bank posts 22% growth in assets

21 January 2009 13:11 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. As of January 1, Azerbaijan-based Birlik Bankâ€™s assets stood at AZN 40.637million, up 21.6% on a year earlier.
The bank said loan portfolio rose 27.7% to AZN 28.626 million, deposit portfolio decreased 52.7% to AZN 0.925 million, total capital went up 50% to AZN 18.099 million and authorized capital grew 60% to AZN 16 million.
Consumer loans fell 2.8 times to AZN 4.529 million.
Compared to a year ago, revenue for 2008 increased by 15.9% over the past year to AZN 3.445 million and expenditures rose by 6 times to AZN 3.655 million.
The bankâ€™s loss was AZN 210 000. Tax payment declined 7.7 times to AZN 72 000 and investments remained unchanged at AZN 120 000.
The number of employees rose by 57.6% to 52 and salary doubled to AZN 200 on average.
Owned by 20 local individuals, Birlik Bank has been in operation since 1993. It operates 3 branches across the country.