OREANDA-NEWS. July 26, 2010. Azerbaijan’s Bank Standard has spread data on the results of its activities over the first half of 2010.

The Bank reports that it remains the leader of the private banking sector and the second largest bank in Azerbaijan.

"As of 30 June 2010, our total assets amounted to AZN 571.9 million (USD 711.5 million) with rise of 10% (AZN 50,560),” BS informed.

The amount of the loans extended to customers by the end of June 2010 amounted to AZN 374.1 million (USD 465.4 million). Thus, since early 2010 Bank’s loan portfolio increased by AZN 3.6 million (USD 4.4 million) or 10%.

"The volume of fixed-term deposits raised by the end of June totaled AZN 196.7 million (USD 244.8 million). This indicator has risen by AZN 70.4 million or 56% since early 2010,” the Bank said.

The sum of balance on the customers’ current accounts as of 30 June 2010 reached AZN 37.4 million (USD 46.5 million). Reduction of the overall amount of the newly-opened fixed deposits totaled AZN 4.1 million (USD 5.1 million) or 10%.

The growth of BS general capital in the first half of 2010 amounted to AZN 115,000 (USD 144,000) or 0.2%, and reached AZN 73.6 million (USD 91.5 million) as of 30 June 2010.

The most important event for the BS for the reported period was the completion of the process of installation of T24 software developed by Switzerland’s Temenos Group. The process of switching to the new system was completed after the introduction of new software in the head office of the Bank. Thus, BS was the first user of this software in the banking sector of Azerbaijan.

In the 1st half of the year BS continued to work closely with the Azerbaijan Mortgage Fund (AMF). As a result, the total amount of mortgage loans disbursed by the Bank within the AMF program reached AZN 18.9 million that is AZN 2 million more against the 2009 index. At the same time, from the very beginning of mortgage lending up to date, the Bank has issued about 160 mortgage loans in the total amount of AZN 6 million within its own commercial mortgage programs.

This June BS jointly with apartment complex ABU Park commenced a new special commercial mortgage lending program with competitive interest rates (12.5% per annum) and terms (up to 25 years).

For the reported term BS launched a new car loan program in which interest rates start from 16% and minimum primary fee starts from 30% of the car price.

The Bank is planning to continue this year work on expansion of a range of retail products and services, including deposit products, money transfers, and various consumer loans.