OREANDA-NEWS  On 20 February was announced, that Bank Respublika kept its pace of development and achieved a significant growth in all performance indicators according to the operating results from 2008 which were discussed at a special sitting of the Executive Board.

Bank Respublika’s assets increased by 53.2% in 2008 and reached AZN 387,900,000 as of the end of the year. The credit portfolio grew by 63.4% up to AZN 260,400,000.

Customer deposits also saw a growth of AZN 24,300,000 during 2008 and are now amounting to AZN 135,800,000. Time deposits with Bank Respublika increased by AZN 11,800,000 during the reported period and totaled AZN 64,200,000, indicating at a high customer confidence about Bank Respublika.

As of January 1, 2009, the number of active Bank Respublika cards exceeded 35,500, one and half increase compared to the figures from the beginning of 2008. The number of express money transfers performed by individuals in 2008 also increased, exceeding USD 180 million.

Further increase of Bank Respublika’s capitalization was among top priorities last year. The total capital of Bank Respublika reached AZN 43,300,000 in 2008. The authorized capital grew by AZN 10,000,000 and reached AZN 22,600,000 within last year.

According to the operating results, Bank Respublika’s income totaled AZN 59,100,000 and its expenses amounted to AZN 46,900,000 in 2008. The Bank’s income balance equaled AZN 9,400,000 within the reported period.

In 2008, Bank Respublika extended its cooperation with international financing organizations. Bank Respublika was particularly named by the European Bank for Reconstruction and Development as Azerbaijan’s most active trade financing bank in 2008.

In November of 2008, Moody’s Investors Services gave a stable forecast to long-term deposits in national and foreign currency and assigned it an international rating of B2, one of the highest in banking sector of Azerbaijan.

Bank Respublika also kept with its policy of innovations and launched several new products to customers in 2008 - the first plastic card in Azerbaijan for people aged 7-17 years, VirtualCard for Internet payments, Subaru co-brand card, VISA Business and VISA Business Gold cards for corporate customers, MobilBank service and credit sale of gold bullions, as well as a discounting campaign on for card holders  on various products and services from trade and service suppliers of Azerbaijan.

Bank Respublika held various prize draws among card holders, including ‘A trip to Malta’, ‘A trip to the EURO 2008’, ‘A trip to Disneyland’, and prize draws among depositors. The main prizes included gold bullions and a Honda Accord car.

2008 saw Bank Respublika continuing to extend its customer service network to 32 branches and service points throughout Azerbaijan. 8 new offices, including 5 in the regions, were opened last year.

Bank Respublika started its operation in 1992 and is now one of the leading banks of Azerbaijan. The Bank's shareholders include 2 of Germany's largest financial organizations – DEG, a member of the KfW banking group, and SIDT, a member of Sparkassen-Finanzgruppe, which hold a package of 25% + 1 share in the bank.

Having achieved significant success in 2008, Bank Respublika is planning to further continue its development and expand its operations in 2009.