The Republic of the Republic, which celebrates its 30th anniversary this year, published financial results following the first quarter of 2022. According to the reporting, the bank continued to dynamically development and once again confirmed the status as one of the leaders of the country’s banking sector.
As of April 1, 2022, the Bank’s assets amounted to 1.25 billion manat, which is 12% more than a similar date of last year. Of 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 14% and amounted to 99.4 million manat, exceeding the regulatory norm by almost 2 times.
Compared to the first quarter of 2021, the bank’s net percentage profit increased by more than 62%, reaching 18.4 million manat, net operating profit increased by more than 3 times reaching 5.7 million manat, and net profit was made up 6.04 million Nanat, which is more than 2 times higher than the indicators of the same period last year.
According to the reporting, compared with the corresponding period of last year, the Bank’s loan portfolio increased by 60.4%, 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 with the end of last year, the share of overdue loans (NPL) has also decreased in a general loan portfolio and amounted to 0.8%. The bank’s deposit portfolio at the end of March amounted to 774.9 million manat, which once again confirms the high confidence and loyalty of the Bank’s customers.
In addition, the level of capital I level adequacy coefficient amounted to 8.29%, and the aggregate capital adequacy coefficient is 11.83%, which is above 1.7 and 1.2 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 is the largest financial institution of Germany – Sparkassen International Development Trust (member of the Sparkassen-FinanzGruppe financial group). The Bank has one of the highest international ratings in the Azerbaijani banking sector – “B3” rating with a positive outlook from Moody’s agency.