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AccessBank achieves 70% year-over-year growth in assets

26 January 2009 14:25 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. As at January 1, Azerbaijan-based AccessBankâ€™s assets stood at AZN 198.863 million, up 70% on a year earlier.
The bank said loan portfolio grew 71.4% AZN 165.941 million, deposit portfolio more than doubled to AZN 17.279 million, total capital more than doubled to AZN 42.863 million and authorized capital increased 81.8% to AZN 20 million.
Compared to a year ago, revenue for 2008 doubled to AZN 46.394 million and expenditures rose by 21% to AZN 20.415 million.
Profit rose 2.3 times to AZN 13.415 million and net profit increased 2.2 times to AZN 10.532 million.
The bank established 5 branches and 4 ATMs over the past year.
The number of employees rose to 864.
Microfinance Bank of Azerbaijan changed its name to Access Bank after approval by the National Bank of Azerbaijan in September.
The new name derives from the name of one of the shareholders â€“ Access Holding which owns a 16.53% stake.
The bank has been in operation since 2002. It operates 19 branches, 19 ATMs and 40 POS-terminals.