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Bank of Baku gets 23% growth in assets

03 February 2009 14:23 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. As of January 1, Azerbaijan-based Bank of Bakuâ€™s assets stood at AZN 183.886 million, up 23.3% on a year ago.
The bank said deposit portfolio rose by 12.2% to AZN 141.607 million, loan portfolio increased by 20.3% to AZN 152.049million, total capital went up 40.7% to AZN 25.533 million and authorized capital at AZN 6.8 million. Consumer lending grew by 16.3% to AZN 98.631 million.
For 2008, revenue increased 79.6% to AZN 41.073 million and expenditures rose by 57.2% to AZN 30.456 million. The bankâ€™s profit rose by 3.1 times, year-over-year, to 10.642 million and net profit increased by 3.2 times to AZN 8.353 million. Tax expenses jumped by 2.6 times to AZN 2.289 million.
The bank currently operates 15 branches, 18 ATMs and 240 POS terminals. The number of employees increased by 7.9% to 452.
One of the first commercial banks in Azerbaijan, Bank of Baku was registered on 14 February, 1994 originally under the name of Tugay Bank. The key founder of BOB was the Turkish company Nab DÄ±ÅŸ Ticaret. On 10 February 1997, Bank of Bakuâ€™s name was changed to Bank of Baku and it was reregistered as a joint stock commercial bank in August 1997.