2024-07-22 15:01:15
Yelo Bank announced its financial results for the second quarter of 2024. In this half-year, the bank continued the positive dynamics of its key financial indicators. According to the report, Yelo Bank received a net profit of 26 million manat in the first six months of this year. Below are other indicators:
Loan portfolio: since the beginning of the year, the portfolio has increased by 83 million manat (11%). At the end of the quarter, the total loan portfolio amounted to 846.7 million manat. The bulk of the issued loans are aimed at financing the real sector, which is one of the priority areas for Yelo Bank.
Business loans: In the first six months of 2024, more than 11 thousand clients were issued business loans worth 221 million manat. As a result, the business loan portfolio increased by 47 million manat (up 10%) compared to the end of last year, and by 86 million manat (more than 19%) compared to the same period last year, thereby amounting to 529.7 million manat.
Consumer loans: During the same period, more than 14 thousand customers were issued consumer loans worth more than 159 million manat. As a result, the consumer loan portfolio grew to 317 million manat, which is 36 million manat (13%) more than at the end of last year and 77 million manat (32%) more than the same period last year. 38% of these sales and 52% of the portfolio growth were made through online channels.
Deposits: As of the end of June this year, the deposit portfolio amounted to 807.7 million manat. During the reporting period, the deposit portfolio of individuals increased by 60.7 million manat, which indicates a high level of trust in Yelo Bank.
Interest income: The bank earned 75.8 million manat, which is 23 million manat (44%) more than in the same period last year. Non-interest income increased more than threefold, exceeding 19 million manat.
Capital: The total capital of the bank for the reporting period exceeded 130 million manat, which is 80 million manat more than the regulatory requirement. The total capital adequacy ratio is 13.09%, and the tier 1 capital adequacy ratio is 8.02%, which exceeds the required norm. The total assets of the bank at the end of the reporting period amounted to 1 billion 124 million manat.
Yelo Bank Chairman of the Board Anar Gasanov commented on the financial results for the second quarter: “The high growth dynamics of our key financial indicators is the result of our new development strategy. As a financial partner, our bank actively supports the real sector and contributes to the development of the Azerbaijani economy. We completed the first half of the year with positive results and plan to open several new digital branches in Baku and nearby settlements, as well as in Shamakhi, by the end of 2024. We will also improve our digital services and offer innovative banking solutions that simplify the daily lives of our customers. I am confident that we will continue this strategy until the end of the year and complete it with great and bright successes.”
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