(MENAFN- Trend News Agency) Baku, Azerbaijan, May 22
By Kheyraddin Nasirzade – Trend:
Pasha Bank Georgia and Pasha Yatirim Bankasi A.S., subsidiary banks of Azerbaijan's Pasha Bank OJSC,improved the financial performance in 2018, Chief Financial Administrator, member of the Bank's board Bahruz Naghiyev said.
Naghiyev made the remarks in Baku at the press conference dedicated to the outcome of the subsidiaries' activity in 2018,Trendreports.
Pasha Bank Georgia's total assets increased by 17 percent and reached 208.2 million manats in 2018 compared to 2017. The loan portfolio increased by 63 percent up to 121.8 million manats. The volume of term deposits increased by 11 percent, reaching 28.2 million manats. The termless deposits more than doubled reaching 38.4 million manats.
The total capital of the subsidiary bank increased by one percent and amounted to 70.2 million manats. Interest income increased by six percent up to 14.1 million manats. Net income obtained as a result of fees and commissions amounted to 262,000 manats in 2018, which is 50 percent more than in 2017.
Net profit on currency transactions increased by 65 percent up to 1.8 million manats. Operating profit amounted to 12.9 million manats in 2018, which is seven percent more than in 2017. Total operating expenses increased by 18 percent up to 9.9 million manats. Net profit decreased by 11 percent to 2.4 million manats.
The total assets of Pasha Yatirim Bankasi A.S. (Turkey) increased by eight percent in 2018, reaching 433.5 million manats. The loan portfolio decreased by 14 percent, reaching 274.7 million manats. The total capital of the bank increased by 36 percent to 162.4 million manats. Interest income of the bank increased by 41 percent, reaching 43.6 million manats.
Net income obtained as a result of fees and commissions amounted to 1.1 million manats in 2018, which is 32 percent more than in 2017. Losses as a result of foreign exchange transactions amounted to 345,000 manats in 2018, which is 121 percent less than in 2017.
Operating income increased by 35 percent up to 28.9 million manats. The subsidiary bank ended 2018 with losses worth 114,000 manats. In 2017, the bank's net profit amounted to 8.6 million manats. The total operating expenses of the bank increased by 2.2 times to 23.03 million manats.
(1.7 AZN = 1 USD on May 22)
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