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Royal Bank posts 81% growth in assets

02 February 2009 14:46 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. As of January 1, Royal Bank of Bakuâ€™s assets stood at AZN 101.926million, up 81.4% on a year ago.
The bank said loan portfolio more than doubled to AZN 78.764, deposit portfolio rose 58.6% to AZN 36.085million, total capital increased 13.6% to AZN 17.853 million and authorized capital grew by 9.7% to AZN 16.912 million.
Consumer lending grew 2.3 times to AZN 66.145 million.
For 2008, revenues rose by 2.8 times to AZN 17.325 million and expenditures increased by 2.9 times to AZN 17.248 million. The bankâ€™s profit dropped by 30% to AZN 61 000.
The bank established 12 branches, 20 ATMs and 50 POS terminals over the past year.
The number of employees increased by 98.4% to 508 and monthly salary rose by 17.4% to AZN 412 on average.
At present the bank operates 28 branches, 3 bureaux de change, 27 ATMs and 76 POS terminals across the country. Royal Bank (so named in 2008) was established by a U.S. citizen in 1993 as OZ Bank which was renamed as Royal Bank of Baku in 2003