Yelo Bank published financial results for the second quarter of 2022. It is noted that the bank continues positive dynamics in all indicators. According to the report, Yelo Bank completed the first 6 months of the year with a net profit of 2.4 million manat.
The total assets of the bank increased by 216 million manat, that is, by 40% compared to the end of last year and exceeded 750 million manat.
The bank’s net interest income over the reporting period increased by 18% compared to the same period of 2021 and amounted to more than 25 million manat, and non -prototype income increased 4.3 times compared to the second quarter of last year.
There is also a noticeable growth of a deposit portfolio. Over the past 6 months, the portfolio has increased by 156 million and reached 509 million manat. The rapid increase in the number of new customers among the attracted deposits indicates that Yelo Bank is attractive both under conditions and in quality of service.
Since the beginning of the year, the Bank’s loan portfolio has increased by 91 million and reached 537 million manat. It should be noted that the bulk of the loans was issued in priority areas of Yelo Bank, namely, on financing small and medium-sized businesses. In 2022, more than 9 thousand customers were issued business loans in the amount of 185 million manat, as a result, a portfolio of business loans increased to 331 million manat, that is, by 28%.
During the same period, more than 11 thousand customers issued consumer loans in the amount of 85 million manat, as a result, a loan portfolio in this area reached 134 million manat. Almost 30% of these sales were made through online channels.
The total capital of the bank for the reporting period amounted to 91 million manat, which is 41 million manat more than the normative requirement. The coefficient of adequacy of the total capital is 15.45%, and the adequacy coefficient of the first level is 9.52%, thereby exceeding the required norm for both indicators.
Yelo Bank Chairman Anar Hasanov commented on the financial results of the 2nd quarter as follows: “The high dynamics of the growth of credit and deposit portfolios is the main indicator of our development strategy. Our bank will continue to support the real sector as a financial partner and promote the development of the economy of Azerbaijan as a whole. We completed the half -year with positive results. In the first 2 quarters, we launched several new digital branches and introduced innovative banking decisions that facilitate the everyday life of customers. I am sure that continuing to realize these innovations, until the end of 2022 we will succeed great success “.
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