PASHA Bank, which serves as a financial bridge within the Türkiye-Azerbaijan-Georgia trade corridor, has announced its 2024 year-end financial results. In 2024, PASHA Bank recorded a 30.3% growth, reaching a total asset size of TRY 12.913 billion.
Having maintained its strong growth every year since it began operating in Türkiye 10 years ago, PASHA Bank continues to act as a financial bridge for businesses looking to trade and invest in the region. In addition to facilitating trade and investment, PASHA Bank also serves as a strategic guide and solution partner for companies aiming to expand their business volume in the region. The international credit rating agency JCR Eurasia Rating reaffirmed PASHA Bank’s credit rating as "A+ (tr)" with a "Stable" outlook in 2024. PASHA Bank, continuing its mission to strengthen financial ties in the Türkiye-Azerbaijan-Georgia corridor, recorded 30.3% growth, reaching a total asset size of TRY 12.913 billion. Additionally, in 2024, SAHA Kurumsal Yönetim ve Kredi Derecelendirme Hizmetleri A.Ş. (SAHA Rating) revised PASHA Bank’s corporate governance rating upward to 9.41, recognizing its commitment to strong corporate governance practices.
Sustainable Growth and New Goals
PASHA Bank increased its equity capital by 33.7%, reaching TRY 1.775 billion. Providing insight into PASHA Bank’s growth performance, General Manager H. Cenk Eynehan stated: "At PASHA Bank, we embarked on the 2024-2026 strategic period with the goal of achieving healthy and sustainable growth, enhancing product diversity, improving the quality of services offered to our customers, strengthening our role in capital markets, and increasing our share in foreign trade within the region. We have successfully completed the first year of this three-year strategy in line with our objectives. As we enter the second year of this strategy, where sustainability takes center stage, our priorities remain: Supporting trade growth within the Türkiye-Azerbaijan-Georgia corridor by providing financial resources and advisory services, enhancing the real sector through our capital market products such as bonds, securities, and ABS (Asset-Backed Securities), expanding and diversifying our products and services to meet the evolving needs of our customers, focusing on customer-centric strategies, developing and investing in our human capital to create added value."
Leading Role in ABS Issuances: TRY 4.5 Billion Issued Over 4 Years
In 2020, PASHA Bank launched its own ABS (Asset-Backed Securities) issuances to support and develop the Private Sector Debt Instruments Market. Since then, the bank has issued over TRY 4.5 billion in ABS, providing significant resources to the real sector. "Our bank is the only bank established in Türkiye with Azerbaijan-based principal shareholders. As a subsidiary of PASHA Holding, one of Azerbaijan’s leading conglomerates, PASHA Bank is the pioneer of ABS issuances in Türkiye. We have conducted ABS issuances across agriculture, chemicals, automotive, and retail sectors, and have also digitized these investment opportunities. Moreover, for the first time in Türkiye, we introduced an innovative investment instrument: *a "Wheat Price-Indexed" investment opportunity." Eynehan also highlighted that in 2024, PASHA Bank issued TRY 1.3 billion worth of Turkish Lira-denominated financing bonds of various maturities and sizes, exclusively for qualified investors in the domestic market.