Yapi Kredi Bank Azerbaijan CJSC significantly increased its profit in the second quarter of 2019.
In the second quarter of 2019, Yapi Kredi Bank Azerbaijan CJSC, a member of a banking group operating in 17 European countries, increased its net profit by 2.4 times, bringing it to 3.4 million manats compared to the same period of last year.
According to the report published by the bank for the second quarter of 2019, net interest income increased to 15 mln AZN compared to the second quarter of 2018. Also, provisions to cover potential losses on assets decreased by 38% compared to the same period of the previous year, which reflects the positive dynamics of the loan portfolio of the bank.
Yapı Kredi continued to use the global banking experience in Azerbaijan and, as a result, gained the trust of its customers. That said, demand deposits of individuals increased by 36% and amounted to 51.5 mln AZN compared to the same period in 2018.
Yapi Kredi Bank Azerbaijan continued its lending activities to support the real sector of the country in line with the priorities outlined in the strategic road maps and increased its loan portfolio to 168 mln AZN. The structure of the loan portfolio clearly demonstrates that non-oil sector remains to be a priority for the bank.
The bank's capital figures are quite favorable. Compared to the same period of last year, Tier 1 capital of the bank increased by 9%, at the end of the second quarter of 2019 reaching 66.5 mln ZN and the regulatory capital increased by 10% to 72.1 mln AZN. Capital Adequacy Ratio reached 24%; it should be noted that these indicators are several times higher than the minimum requirements in the local legislation.
Yapı Kredi Bank Azerbaijan is a member of a banking group operating in 17 countries. The bank, whose main shareholders are UniCredit (Italy) and Koç Holding (Turkey) provides a wide range of services to clients in branches in Baku and Sumgait introducing international experience in the banking sector in Azerbaijan and offering internet / mobile banking products and a call center working 7/24.