Finance

Finance

Rabitabank posts a 53 times surge in net profit

21 January 2009 15:06 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. As of January 1, Azerbaijan-based Rabitabankâ€™s assets stood at AZN 94.425 million, up 24.8% on a year earlier.
The bank said loan portfolio rose 35% to AZN 68.434 million, deposit portfolio increased 24.6% to AZN 76.958 million, total capital went up 23.1% to AZN 12.326 million and authorized capital grew 21.4% to AZN 8.5 million.
Consumer loans grew 31.2% to AZN 23.081 million.
Compared to a year ago, revenue for 2008 increased by 93.3% over the past year to AZN 16.565 million and expenditures rose by 83% to AZN 15.291 million.
The bankâ€™s profit went up 5.8 times to AZN 1.274 million, boosting net profit by 53 times to AZN 742 000. Tax payment rose 2.6 times to AZN 532 000, PR and marketing expenses grew 1.2% to AZN 250 000 and investments declined 14.8% to AZN 299 000.
The bank established 3 branches and 16 POS terminals over the past year.
The number of employees rose by 15% to 315 and salary increased 36.8% to AZN 859 on average.
Rabitabank has been in operation since 1993. It operates 18 branches, 4 bureaus of exchange, 21 ATMs and 84 POS terminals across the country.