OREANDA-NEWS. August 12, 2009. As of July 1st 2009, assets of “MuganBank” OJSC have increased by 16 % in comparison with the similar period of the last year and have reached 116 million AZN. The loan portfolio has made 70 million AZN, thereby having increased by 6 % in comparison with 2008, reported the press-centre of MuganBank.

 Deposits of clients have increased by 52 % in comparison with the last year. Thus, if the deposits of clients amounted to 32 million AZN last year, they have reached to 48 million AZN this year, and term deposits from 18 million AZN have increased to 30 million AZN growing 61 %.

As per the results for the first half of 2009, the balance profit of the bank has made 16.1 thousand AZN.

The head office of the bank has moved to a new building situated in A.Rajabli 21B, which meets all modern standards and allows to qualitative and operational provision of services to clients. Futhermore “Nizami” and “Matbuat”, two new branches were opened in the first half of the year.

One of the remarkable events for the bank during the said period was the conclusion of an agreement between “MuganBank” OJSC and USAID on May 15th, 2009 within a new “Private Sector Competitiveness Enhancement” co-project.

As of June 1st, 2009 “MuganBank” OJSC has proceeded with the review of mortgage loan applications for house acquisition refinanced by Azerbaijan Mortgage Fund. It should be reminded that “MuganBank” OJSC is the agent bank of Azerbaijan Mortgage Fund.

“MuganBank” OJSC was established in 1992 based on the lisence of the Central Bank of Azerbaijan.

The mission of the bank is to meet the demand of each client, including private, corporate and public, in whole territory of Azerbaijan with its high-quality and reliable services.

As of July 1st, 2009 “MuganBank” OJSC includes 26 branches and 4 subbranches. The bank intends to further broaden its branch network.