BAKU: AccessBank, a key player in Azerbaijan’s banking industry, has reported a significant increase in its financial performance for the third quarter of 2024. The bank’s net profit reached 41.5 million AZN, marking a 41.4% increase from the previous year. This growth is attributed to a rise in both interest and non-interest income, alongside a robust expansion in its loan portfolio.

According to Trend News Agency, AccessBank’s success this quarter is part of a consistent upward trajectory in its financial results. Interest income increased by 16.5%, totaling 165.4 million AZN, while net interest income saw a 19.1% rise to 102.2 million AZN. Additionally, non-interest income stood at 13.7 million AZN. The bank’s net operating profit also showed substantial growth, increasing by 1.3 times to reach 51.8 million AZN.

The bank’s total regulatory capital significantly exceeded the minimum requirements set by the Central Bank of Azerbaijan, amounting to 171.3 million AZN, which is 3.4 times the regulatory minimu
m. This financial stability is reflective of AccessBank’s strategic focus on increasing financial accessibility across Azerbaijan.

The growth in AccessBank’s loan portfolio is particularly noteworthy, with a 13.0% increase compared to the same period last year, reaching 1,121.6 billion AZN. This growth was driven primarily by microbusiness financing, with the business loan portfolio expanding by 16.2% to 874.3 million AZN.

Asset growth also continued, with total assets increasing by 5.1% from the previous year to 1.5 billion AZN. The bank’s deposit portfolio grew by 2.3%, amounting to 1049.2 billion AZN.

AccessBank has been a pioneer in microfinancing in Azerbaijan since 2002, primarily serving small and medium-sized enterprises. The bank’s shareholder structure includes major global financial institutions such as the Asian Development Bank, the European Investment Bank, and the International Finance Corporation. With a network of 35 branches across the country, including 14 in the capital city of Baku, Ac
cessBank remains committed to enhancing financial services accessibility to MSMEs.