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Azerbaijan Industry Bank achieves 37% growth in assets

03 February 2009 10:01 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. As of January 1, Azerbaijan Industry Bankâ€™s assets stood at AZN 78.029 million, down 3.8% on a year ago.
The bank said loan portfolio rose by 2.5 times to AZN 36.101 million, deposit portfolio decreased by 36.5% to AZN 32.560 million, total capital went up 41% to AZN 16.142 million and authorized capital stood at AZN 12.8 million.
Consumer lending doubled to AZN 9.631 million.
For 2008, revenue doubled to AZN 10.544 million and expenditures tripled to AZN 8.854 million.
Profit grew by 31% to AZN 2.820 million and net profit dropped 16.1% to AZN 1.990 million.
Tax expenses rose by 2.7 times to AZN 1.177 million and PR and marketing spending skyrocketed by 6.6 times to AZN 405 000.
The bank established 5 branches, 8 ATMs and 89 POS terminals over the past one year.
The number of employees more than doubled to 144 and salary more than doubled to AZN 99 on average.
The bank was originally established as CIBank in 1996 and was renamed as Azerbaijan Industry Bank in late 2006.
It operates 7 branches, 19 ATMs and 187 POS-terminals.