AccessBank, leading bank of Azerbaijan in financing of micro, small and medium enterprises, announced its financial results for third quarter of 2022.
During the last quarter AccessBank, which assets exceed AZN 1B, demonstrated dynamic growth in all key indicators and maintained its leadership position in business financing. During the last quarter, AccessBank achieved a sharp increase in its operating profit.
The Bank’s assets increased by 4.8% during the quarter, and by 12.9% since the beginning of the year. Currently, it’s amounted to AZN 1.1B.
Loan portfolio increased by 7.4% during the quarter, and by 21% since the beginning of the year. Currently, it’s amounted to AZN 765.4M.
80% of loan portfolio are the business loans. Business loans portfolio increased by 13.6% or by AZN 73.5M during this year. 34% of business loans during this year has been disbursed by the bank’s regional branches.
Deposit portfolio increased by 2.9% during the quarter, and by 16.3% since the beginning of the year. Currently, it’s amounted to AZN 802M.
Term deposits of population increased by 1.7% during the quarter, and by 20% since the beginning of the year. Currently. It’s amounted to AZN 555M.
Interest income as compared to the same period of the last year increased by 38% and exceeded AZN 100M. Net interest income as compared to the same period of the last year, increased by 50% and reached AZN 57M.
Non-interest income increased by 14.6% and reached AZN 8.5M as compared to the same period of the last year.
Net operating profit increased by several times and is amounted to AZN 13M. Only during the third quarter, net operating profit of the bank increased by 76.7% as compared to second quarter of current year.
Final net profit increased by several times during the year and reached AZN 5.3M. The bank’s net profit during the third quarter increased up to 3 times as compared to the second quarter of this year.
Total capital of the bank increased by 13.3% or AZN 10.3M during the last one year and reached AZN 87.9M, that is AZN 37.9M more than the minimum standard required by The Central Bank of Azerbaijan.
The Bank’s liquidity ratio is amounted to 63.3%, that is 2 times (30%) higher than the minimum standard required by The Central Bank of Azerbaijan.
Davit Tsiklauri, Chairman of AccessBank Management Board, said that the main goal of the Bank is to develop further and to provide both higher results and better quality services: “Sharp increase of net operating income during the year is the result of our constant improvement. We understand and realize, that it is not just the numbers that are increasing, but also the customers’ satisfaction as well as the competition in the market. In addition to holding the leadership in microfinancing, the improvement of retail banking services is already showing its results. Our goal is to develop further and to achieve better quality services.”
AccessBank, leading microfinance bank of Azerbaijan has been providing services for the micro, small and medium-sized enterprises since 2002. The Bank’s shareholders include Asian Development Bank, European Investment Bank, International Finance Corporation and other international organizations and investment funds. The Bank has 29 branch offices, 15 of which are located in Baku city and its suburbs and 14 – in the regions of Azerbaijan.
Source: TREND News Agency