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Bank Standard holds media briefing on 2008 financial performance

12 February 2009 15:12 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. As of January 1, Azerbaijan-based Bank Standardâ€™s mortgage portfolio stood at AZNB 13.6 million, up 28.3% on a year ago.
Javid Guliyev, Deputy Chairman of Bank Standard, told a press conference that the bankâ€™s assets reached AZN 619.1 million, loan portfolio made AZN 394.4 million and funds in customer accounts grew to AZN 191.8 million.
Besides, as a part of its strategic development program, its authorized capital rose by 29% to AZN 64.5 million and total revenue increased by 44% to AZN 98.5 million.
According to Javid Guliyev, car loans went up by 4.7% to AZN 56 million and toal equity capital reached AZN 77.4 million.
â€œThe global financial crisis started to affect our countryâ€™s financial market as well as Bank Standard after the second half of 2008. In addition to some objective reasons, our bankâ€™s performance was affected by the fact that some short-term deposits reached their maturity and several major corporate customers withdrew their money from the bank to invest in their business. Despite these factors, our bank managed to keep up its assets, increase total equity capital and maintain its lead among Azeri banks,â€ he added.
Jahangir Akhundov, Customer Services Officer of the Bank, briefed about the bankâ€™s cooperation with international financial institutions, receipt of loans and expansion of branch network.
Bank Standard, owned by AB Standard, has been in operation since 1995.