BAKU

PASHA Bank, a leading corporate bank in Azerbaijan, reported a net profit of 18.79 million manats ($11 million) in the first quarter of 2021, which is 5.4 times more compared to the same period in 2020.

The bank said that it had paid taxes on profits in the amount of 6.15 million manats.

The bank’s assets amounted to 5.7 billion manats, 909 million manats more or 19.1 percent up from January-March 2020. Liabilities rose by 818.7 million manats or 19 percent, amounting to 5.11 billion manats.

The bank’s loan portfolio rose by 337.3 million manats or 18.1 percent, amounting to 2.20 billion manats.

The volume of deposits totalled 4.21 billion manats, which is 759.6 million manats or 22 percent more than in the first quarter of the last year.

The bank’s capital increased by 90.08 million manats or 19.1 percent to 563.67 million manats.

PASHA Bank said earlier this month that it had planned to increase its capital to more than 404 million manats and to maintain the growth rate of the loan portfolio at the average market level in 2021-2023.

Fitch Ratings has affirmed PASHA Bank’s National long-term rating at ‘A-(tur)’ and outlook “Stable” in October 2020. JCR Eurasia Rating has assigned PASHA Bank an overall compliance score of 9.20 with CMB Corporate Governance Principles by revising it upwards along with a “Stable” outlook in June last year.

PASHA Bank has a head office, six branches and currency exchange offices in the capital Baku as well as three regional offices in the cities of  Ganja, Zagatala and Guba.

PASHA Bank was established in June 2007 and is one of the top three commercial banks in Azerbaijan by assets. The bank’s shareholders are two legal entities – PASHA Holding (56.82 percent) and Ador LLC (28.18 percent), as well as one individual – Arif Pashayev (15 percent), who is an uncle of the country’s First Lady and First Vice President Mehriban Aliyeva.

There are 26 banks in Azerbaijan, including 12 with foreign capital.