JSC Caspian Development Bank (CD Bank) in the first half of this year received revenues totaling 4 million 576 thousand manats. Operating profit of the bank amounted to 444 thousand manats, its financial statements noted.
By July 1 this year, the bank granted loans totaling 107 million AZN, on which only in the first half of the year it made provision for possible losses, totaling 5 million 173 thousand AZN.
The bulk of the loans granted accounted for SOCAR share. Under what draft the oil company was granted a loan is not reported.
As of July 1, 2016 CD Bank assets were estimated at 120 million AZN. The shareholders’ capital is 64.2 million AZN.
JSC Synergy Group owns 99.91% of the shares of JSC CD Bank. The shareholders also include Ibrahim Alyshov and Hasan Jafarov. The person ultimately controlling the bank is Ashraf Kamilov. In 1988 the bank was established under the name Universal Bank. In 2001 it was renamed to Kovsar Bank. In 2014, in connection with the change of ownership, the bank was named Caspian Development Bank. ----08D
Economics
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