We had an insightful conversation with Emil Duşdurov, Deputy Chairman of the Board of Yelo Bank, where we looked back at 2023 and discussed the bank’s plans for the future and new strategic goals. Here’s an overview of the interview:
Emil, welcome. Let's reflect on 2023. How would you evaluate last year for both your bank and the financial sector?
First, thank you for having me. I would say that 2023 was a year of significant progress and some major challenges for both Yelo Bank and the financial sector in Azerbaijan. Looking at the numbers, we witnessed substantial growth in the banking sector, including a notable 18% increase in the overall credit portfolio. For Yelo Bank, it was a year in which we exceeded our targets, saw steady growth in profits, and strengthened our market position.
You completed the first quarter with a profit. How are other financial indicators performing, and what numbers are you aiming for by the end of the year?
As you mentioned, we finished the first quarter with a profit close to 14 million manats, which is higher than the same period last year and above our projections. By the end of the year, we plan to achieve at least 20% more profit than last year. Other key financial indicators are also showing strong growth, with our total credit portfolio reaching 803 million manats. We expect an increase of 20% in the total credit portfolio by year-end, with significant growth in business and microcredit portfolios as well.
What factors contributed to your profitable start to the year?
The key factors were a well-prepared strategy, a professional team, a customer-centric approach, and the implementation of technological trends. We are investing heavily in technology to simplify operations and improve services. These innovations help optimize costs and increase profitability. By applying strong risk assessment and monitoring systems, we aim to minimize costs.
What innovations can we expect from Yelo Bank in both business and retail banking this year?
Yelo Bank is already recognized for offering digital solutions and services that attract customer interest. Our mobile app, which has won awards for being the most customer-friendly, is a prime example. Additionally, we have launched fully digital branches in several regions. We have also been focusing on data-driven solutions, which we believe will continue to be a key part of our strategy through 2026. We plan to implement artificial intelligence in our services in the coming years, as it is a powerful tool for staying competitive in a rapidly changing digital landscape.
How is Yelo Bank adapting to the ongoing digital transformation in the banking sector?
Digital innovations are an integral part of our strategy. We are working on several digital solutions that will save our customers time, such as the redesigned Internet Banking service, and a new feature on our mobile app to open deposit accounts online. We are also developing digital cards, which will allow customers to make fast online payments with a virtual card.
With the growing competition in Azerbaijan’s banking sector, how does Yelo Bank differentiate itself from its competitors?
We welcome the competitive environment because it pushes us to continuously improve. Our main differentiators are our speed, accessibility, and simplicity in providing solutions. We focus on offering innovations to customers as quickly as possible, based on the principle of "Customer First." Our ability to adapt quickly to customer needs and new technological trends gives us a unique edge.
Lastly, why Yelo Bank? Can you give three reasons to become a customer?
Certainly, there are many reasons, but here are three key ones:
- Customer-Centric Approach: Every new service and product is developed with the customer’s needs in mind, based on their feedback.
- Security and Trust: We ensure that our services meet high-security standards, and we provide strong support to our customers, even during unforeseen challenges.
- Agility in Adapting to Innovations: We are quick to adopt and implement new technological trends, ensuring that our innovations are not only relevant but continuously evolving to meet customer needs.