PASHA Bank, one of Turkey's leading investment banks that contributes to the development of trade among Turkey, Azerbaijan and Georgia, has announced its financial results for the third quarter of 2021. Having achieved 20 percent growth in the first half, PASHA Bank continued its growth in the third quarter and increased its asset size to TRY 2 billion 744 million with an increase of 26% compared to the end of 2020. PASHA Bank has provided a total of TRY 176 million in financing support to the agriculture and automotive sectors since the beginning of the year in the Asset Backed Securities Issuances (VDMK), where it plays a leading role in the capital markets.
Providing services with investment banking and corporate banking products in order to contribute to the development of trade between Turkey, Azerbaijan and Georgia, to create resources for and to guide businesses investing in the region, PASHA Bank has announced its financial results for the third quarter of 2021. PASHA Bank grew by 26% compared to the end of 2020 and increased its asset size to TRY 2 billion 744 million. The size of PASHA Bank cash credits increased by 26% compared to the end of last year and reached TRY1 billion 883 million. Total credits , on the other hand, increased by 32% to TRY 2,405 million. Maintaining its success with its strong capital structure, solid customer portfolio, healthy credit growth and well-equipped human resources, PASHA Bank increased its profit by 17 percent and closed the third quarter with a profit of TRY 36 million.
The size of the debt instruments reached TRY 860 million with PASHA Bank's domestic Turkish lira bond and sukuk issuances, as well as its bond issuances in US Dollar and Euro in Azerbaijan. Expanding its investor portfolio with the establishment of the Premium banking unit, PASHA Bank also added qualified individual investors to its portfolio.
The international rating agency Fitch Ratings has determined the bank's national rating as A- stable and its rating for compliance with Corporate Governance Principles has also been raised to 9.23 by JCR Eurasia Rating.
Serving with the mission of being the “First Bank that Comes to Mind in the Region” in the triangle of Turkey, Azerbaijan and Georgia, PASHA Bank also displayed a successful performance in the issuance of VDMK, in which it played a leading role. PASHA Bank, which has issued TRY89 million of VDMK for the automotive and agricultural sectors last year, has provided financial support of TRY 176 million to the two sectors through the issuance of VDMK as of the beginning of 2021.