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Kovser Bank achieves 14% rise in assets

Kovser Bank achieves 14% rise in assets

02 February 2009 14:54 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. As at January 1, Azerbaijan-based Kovser Bankâ€™s assets stood at AZN 17.245 million, up 13.8% on a year ago.
The bank said deposit portfolio rose 37.2% to AZN 2.558 million, total capital increased 10.5% to AZN 10.227 million and authorized capital went up 7.7% to AZN 10.20.
For 2008, revenues increased 3.2 times AZN 626 000 and expenditures rose 2.3 times to AZN 206 000. Profit grew 22.3% to AZN 126 000. Tax expenses rose 83.3% to AZN 22 000.
The number of the bank staff decreased 7.7% to 24.
Kovsar Bank doesnâ€™t lend loans because it operates on sharia.
Kovsar Bank was established as Universal Bank in 1989. Kovsar Bank is a member of Accounting and Auditing Organization for Islamic Financial Institutions and Association of Islamic Banks.

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