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AccessBank chairman of board: We managed to increase loan portfolio reserves

25.02.2020,16:58


February 25, Fineko/abc.az. Our biggest achievement for 2019 was the successful completion of the Bank's recapitalization process. As a result, the new shareholders were attracted to the AccessBank structure, and the Bank's authorized capital increased up to AZN 258.7 million.

ABC.AZ reports that the above-said statement was made by Bank's chairman of board Anar Hasanov, when speaking about AccessBank’s achievements for 2019 and its plans for 2020.

According to Hasanov, after completing the recapitalization process, the new shareholders took certain steps to improve the dollar loan portfolio, which suffered as a result of the devaluation: "We managed to increase significantly the reserves for the loan portfolio, thereby ensuring more effective management of credit risks and minimizing losses associated with possible deterioration in the quality of the bank's assets. These conservative measures are mainly the cause of Bank's annual losses, planned in the process of capitalization. I’d like to note that we completed with profit the 4th quarter of 2019. This allows us looking with confidence at 2020, which, according to our forecasts, we intend to finish with good profit. Currently, the Bank operates in full compliance with the four-year business plan, made with taking into account recapitalization," Hasanov emphasized.