Yapi Kredi Bank Suffers Losses

JSC Yapi Kredi Bank Azerbaijan announced the loss in the first half of 2016 in the amount of 1 million 244 thousand manats

This was not the result of direct financial activities of the bank, but resulted from the accrual of 9 million 224 thousand manats for possible losses on loans and deposits of the bank.

In general, for the six months in 2016 the bank had an income totaling 30.7 million manats. The operating profit of Yapi Kredi was about 7.8 million manats.

On 1 July 2016 the volume of loans issued by the bank was 230,100,000 AZN (including 104.3 million manats in foreign currency), which formed reserves in the amount of 27.5 million manats. The volume of deposits attracted by JSC Yapi Kredi Bank Azerbaijan is 183.5 million manats, of which 137.1 million AZN is invested in the bank in foreign currency.

This year the bank has received a loan from the Central Bank in two tranches for a total amount of 20 million AZN.

The net shareholders' equity amounts to 60 million AZN. The shareholders are three entities, one of which (Yapi Kredi Bankasi A.S., Turkey) owns 99.8% of the shares.

The bank has been operating since 1998.   -----08B