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KredoBank posts 42% assets growth

23 January 2009 15:03 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. As of January 1, Azerbaijan-based KredoBankâ€™s assets stood at AZN 37.074 million, up 42.4% on a year ago.
The bank said loan portfolio rose 46.83% to AZN 25.302 million, deposit portfolio more than doubled to AZN 9.071 million, total capital went up 4.5% to AZN 13.776 million and authorized capital grew 3.2% to AZN 13.040 million.
Consumer lending grew by 2.7 times to AZN 5.804 million.
Revenue for 2008 increased by 65.3% over the past year to AZN 6.776 million and expenditures rose by 75% to AZN 6.634 million.
Profit dropped 47.5% to AZN 201 000 and net profit fell 54.3% to AZN 142 000.
The bankâ€™s tax payment to the state budget decreased 17.3% to AZN 59 530. The bank established 1 branch, 4 ATMs and 5 POS terminals over the past year.
The number of employees rose 22% to 133 and salary increased 3.6 times to AZN 210 on average.
Owned by 11 individuals, KredoBank has been in operation since 1994. The bank operates 10 branches, 16 bureaus of exchange, 5 ATMs and 55 POS-terminals.