Azerbaijan’s PASHA Bank plans to complete 2016 with profit

Azerbaijan's PASHA Bank OJSC plans to complete 2016 with a profit, Taleh Kazimov, CEO and Chairman of the bank's Executive Board, said June 20 in a press conference in Baku.

"I think that if we manage to maintain the quality of our credit portfolio at the proper level, we will complete 2016 with a profit of 20-25 million manats," said Kazimov answering Trend's question.

The official exchange rate is 1,521 AZN/USD as of June 20.

He noted the bank successfully started the year and completed the first quarter with a profit.

"According to national accounting standards, we completed the first quarter of 2016 with a profit of 36 million manats, and out profit amounted to 16 million manats, according to International Accounting Standards (IASs)," said the CEO.

Kazimov explained that the main reason of this growth is the increase of interest income, as well as the income from operating activities.

Chief Financial Officer and a member of the bank's Executive Board Hayala Naghiyeva, in turn, said the difference between national and international accounting standards is caused by different approaches to the banks' reserves.

"Our reserves significantly increased in 2014 that seriously affected the bank's interest income in 2015," said Naghiyeva.

"But it works a little differently in international financial reporting," she explained. "Therefore, there is such a difference."

Pasha Bank is a leading corporate bank in Azerbaijan. The bank, founded in 2007, renders a range of corporate banking services, including issuing of loans, operations in the securities market, asset management, and treasury services.

Source: Trend