<img src="https://img.day.az/2024/10/11/800×550/yelo.png" class="article-image" alt="Yelo Bank completed the third quarter with strong financial results”/>
Yelo Bank announced financial results for the third quarter of this year, demonstrating positive dynamics in key indicators. During 2024, the bank’s net profit amounted to 35 million manats, which is more than twice the result of the same period last year.
The bank actively participated in financing the business, contributing to its strong growth. Compared to last year, the loan portfolio increased by 183 million manat, which is an increase of more than 25%. Thus, the total loan portfolio reached 898 million manat. Yelo Bank’s priority remains lending to the real sector of the economy: two-thirds of the portfolio are business loans, the volume of which increased to 567 million manats, an increase of 96 million manats, which is more than 20% higher than last year. Noticeable growth is also observed in the microcredit sector, which increased by 25% compared to the same period and amounted to 328.6 million manats.
The loan portfolio issued to individuals increased by 35.4% compared to the same period last year and amounted to 336.4 million manat. Approximately 50% of the growth in the consumer loan portfolio came from online channels.
The bank’s total savings portfolio increased by 200 million manats (an increase of 31%) and amounted to 841.5 million manats at the end of the third quarter, which confirms the attractiveness of Yelo Bank’s savings products.
The bank’s interest income increased by 39% and reached 113 million manat, and non-interest income increased more than three times, amounting to 24 million manat.
The total capital of the bank amounted to 140 million manat, an increase of 37% compared to the same period last year. This is 90 million manats above the standard level. The total capital adequacy ratio is 13.5% and the Tier 1 capital adequacy ratio is 7.7%, which significantly exceeds regulatory requirements. At the end of the reporting period, the bank’s assets amounted to 1 billion 177 million manat.
Chairman of the Board Anar Hasanov noted that in the third quarter, important successes were achieved in implementing the bank’s strategic goals: “These results indicate not only our efforts to improve the quality of services and products, but also the trust that clients place in Yelo Bank. Our financial performance for The third quarter confirms that we are achieving a number of key goals for the new strategic period. This year we will continue to digitalize our services and products, as well as strengthen the activities of our branches. Our goal is to bring the bank’s activities to a more sustainable level, following the principles of ESG, which is one of them. our main strategic priorities. I believe that 2024 will be a significant milestone for Yelo Bank on the path to sustainable development.”
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