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.
Pasha Bank Georgia’s total assets increased by 17% and reached 208.2 million manats in 2018 compared to 2017. The loan portfolio increased by 63%, to 121.8 million manats. The volume of term deposits increased by 11%, 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 1% and amounted to 70.2 million manats. Interest income increased by 6%, to 14.1 million manats. Net income obtained as a result of fees and commissions amounted to 262,000 manats in 2018, up by 50%.
Net profit on currency transactions increased by 65%, to 1.8 million manats. Operating profit amounted to 12.9 million manats in 2018, up by 7%. Total operating expenses increased by 18%, to 9.9 million manats. Net profit decreased by 11%, to 2.4 million manats.
The total assets of Pasha Yatirim Bankasi A.S. (Turkey) increased by 8% in 2018, reaching 433.5 million manats. The loan portfolio decreased by 14%, reaching 274.7 million manats. The total capital of the bank increased by 36%, to 162.4 million manats. Interest income of the bank increased by 41%, reaching 43.6 million manats.
Net income obtained as a result of fees and commissions amounted to 1.1 million manats in 2018, up by 32%. Losses as a result of foreign exchange transactions amounted to 345,000 manats in 2018, down by 121%.
Operating income increased by 35%, 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 2.2-fold, to 23.03 million manats. (Trend/Business World Magazine)
