PASHA Bank announces half-year financial results

Baku, September 17 (AzerTAc). PASHA Bank has disclosed its financial results for the first 6 months of 2014 at a press-conference. The speakers at the conference were Taleh Kazimov, member of Executive Board and Chief Investment Officer, Bahruz Naghiyev, Head of Treasury Department, and Sona Abbasova, Head of Corporate Communications Department. Azerbaijan's banking sector grew by almost 11% in the first six months of 2014. PASHA Bank is fully on track to deliver on its 2012-2014 strategy, which aims to position the Bank as one top of the top Azeri companies and to provide more services to SMEs and corporate clients with international exposure. The Bank has maintained its position as one of the largest commercial banks in terms of total equity, which reached AZN 342,320 (USD 436,466 in the first half of 2014. The Bank's strategic decision to diversify its assets portfolio has enabled it to maintain a strong service offering for its clients. As at 30 June 2014, PASHA Bank's total assets amounted to AZN 998,004 (USD 1,272,477 thousands), an increase of 42% compared to 2013 (AZN 704,055 / USD 897,686), mainly due to increased activity on customers' accounts. The Bank's interest income increased by 9% and reached AZN 30,099 (USD 38,377 thousands), whereas non-interest income amounted to AZN 4,191 (USD 5,344 thousands). As a result of successful cooperation with international financial institutions, PASHA Bank was able to provide more trade finance services to its corporate clients by accessing a broader range of financial instruments. After obtaining credit ratings from two international credit agencies, it was also able to secure better terms for financing operations of its customers. The Bank has continued its efforts of educating the corporate community of Azerbaijan about finance options and PASHA Bank's services and products by holding a number of seminars and workshops for its clients and wider community. PASHA Bank is a leading corporate bank in Azerbaijan. Established in 2007, it provides a range of corporate banking services including loans, securities, asset management, and treasury services. PASHA Bank employs circa 300 people across its head office and 9 branches and was declared “The Best Investment Bank of Azerbaijan” by the Europe Banking Awards 2011, 2012 and 2013, and "The Best Private Bank ing in Azerbaijan " by World Finance in 2013.