VTB Azerbaijan deposit portfolio grows by 18%
31 January 2019
VTB Bank (Azerbaijan) has summed up the results of 2018.The Bank reports that in Q4 of 2018 its deposit portfolio increased by 18% up to AZN 58.7 million. "As of 1 January 2019 Bank's capital amounts to AZN 53.19 million and capital adequacy ratio - 38.58% and 39.11% that exceeds substantially the requirements of the regulator by 5% and 10%, respectively. Bank's assets, represented mainly by highly liquid instruments, including short-term notes and deposits of the Central Bank of Azerbaijan, as well as balances on correspondent accounts, totaled AZN 135.3 million. Instant liquidity of the Bank exceeds much the norms and exceeded 144%, while the norm is 30%. The reserves created by the Bank to cover the loan portfolio amount to AZN 218.8 million," VTB Bank said. The high level of coverage of the loan portfolio with reserves in compliance with mandatory standards is a confirmation of the reliability of the Bank and helps build confidence to it. "Compared to Q3 of 2018, interest income increased by 24% up to AZN 7.8 million. During the reporting period, the Bank increased the total number of its customers up to 31,430. The number of card accounts increased by 12.5% up to 10,560. According to the new established standards of the Financial Market Supervision Chamber to come into force this year, the Bank meets fully the requirements of the regulator on all key indicators," VTB Bank said. Yevgeny Kirin, Chairman of the Board of VTB Bank (Azerbaijan), said: "We’ll continue to improve the services provided for both corporate and retail businesses. The main focus of our activities is aimed at working with clients of the corporate and SME segment. In this regard, one of the priorities for us is to work with clients, in particular, working in the markets of Russia and other CIS countries. As a Russian Bank, we’ll continue to introduce products and services that contribute to development of trade and economic relations between Azerbaijan and Russia. We’ll also render services to the population on consumer and mortgage lending, payment card services, as well as expand the possibilities of remote banking services."