Rabitabank's 1Q net profit jumps 57.5%

The bank lend AZN 31.64 million in loan during this period, 6.3% more than in early this year.

The deposit portfolio rose 13.7% to AZN 36.62 million, of which AZN 16.67 million in term deposits.

As at April 1, the bank's aggregate capital reached AZN 11.58 million, APA reports.

Rabitabank's net profit for the first quarter equaled to AZN 307,800 with a 57.5% year-on-year rise.

The bank has 12 branches, of which 4 in Baku. On March 15, the IFC and Rabitabank signed an agreement to open a $2 million credit line for the bank on-lending to small, medium-size and micro enterprise.

As per the agreement, the IFC may convert the principal to invest for a 10% or 20% equity stake in the bank.

Rabitabank has good cooperation history with the IFC, EBRD and Islamic Development Bank which opened credit lines worth $8.3 million in total.