The Republic of the Republic, one of the leading banks of the country, announced financial results for the third quarter of 2021. According to reports, the Bank continued the dynamic development showing an increase in all indicators and strengthened its leading positions in the banking services market of Azerbaijan.
Compared to the same period last year, the bank’s net percentage profit increased by more than 10%, reaching 39.1 million manat, and net profit was 12.1 million manat, which is 2 times higher than the indicators of the same period of the past years.
from published reporting is also seen that the bank has a sufficiently high stock of capital for sustainable development. Thus, the cumulative capital of the bank increased by 16.2% and amounted to 98.8 million manat, exceeding the regulatory norm by almost 2 times.
According to the results of 9 months, the Bank significantly increased credit and deposit portfolios. So, in comparison with the end of last year, the bank’s deposit portfolio increased by 15.2%, which once again confirms the high confidence of customers to the bank. The bank’s loan portfolio increased by 39.8%, the main part of the loans issued was aimed at lending to the real sector, which is a priority for both the Bank and the country’s economy.
should also be noted, the level of capital’s I level adequacy coefficient was 8.34%, and the coefficient of adequacy of total capital is 13.23%, which is higher than the norm by 1.7 and 1.3 times, respectively.
The Bank of the Republic was established in 1992 and is among the five leading banks of Azerbaijan. Among the shareholders of the Bank presented the largest financial institutions in Germany – DEG investment corporation (member of the KFW and SIDT banking group) and Sparkassen International Development Trust (member of the Sparkassen-FinanzGruppe financial group.)