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Amrahbank plans to raise share capital

Amrahbank plans to raise share capital

23 February 2009 15:37 (UTC +04:00)

Baku. Vugar Israfilov â€“ APA-Economics. Azerbaijan-based Amrahbank will inject its 2008 profit into the capitalization, said the Bankâ€™s Management Board.
According to the national law, the direct injection of profit into the authorized capital exempts a bank or insurer from profit tax.
This law took effect in 2009 and will remain effective until 2012.
The law put forward by the National Bank and the Ministry of Finance is aimed at maintaining financial stability of institutions in the face of deepening global financial crisis.
As of January 1, Amrahbankâ€™s share capital is AZN 12.82 million. Its profit for 2008 was AZN 3.421 million.

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