The Republic of the Republic, one of the largest banks of the country, published reports on financial indicators for the first quarter of 2021. According to reports, the Bank has demonstrated good financial results and strengthened its leading positions in the banking services market of Azerbaijan.
Despite the quarantine measures introduced in connection with the Pandemic COVID-19, the Bank in 2021 was able to continue his positive trend, and at the end of the first quarter, the net interest income amounted to 11.3 million manat, the net profit of the bank – 2.9 million manat .
Compared to the end of last year, the bank’s assets increased by 7.5% and amounted to 1.11 billion manat, which allowed the bank to strengthen its place in the leading five banks of the country. From the published reporting, it 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 4% and amounted to 87.2 million manat, exceeding the regulatory norm by 75%.
According to the results of three months, the Bank significantly increased credit and deposit portfolios. Thus, the bank’s deposit portfolio increased by 13%, which once again confirms the high confidence of customers to the bank. The Bank’s loan portfolio increased by 8.4%, 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. It is noteworthy that compared to the end of last year also decreased the share of overdue loans (NPL) in the general loan portfolio and amounted to 2.2%.
In addition, the level of capital’s I level adequacy coefficient was 11.12%, and the coefficient of adequacy of total capital is 15.61%, which is higher than the norm in 2.2 and 1.7 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 are the largest financial institutions in Germany – DEG Investment Corporation (member of the KFW and SIDT Bank Group) and Sparkassen International Development Trust (SPARKASSEN-FINANZGRUPPE Financial Group.)