Yelo Bank has released its financial results for the fourth quarter of 2022. The bank has continued the positive growth dynamics in its key financial indicators that it initiated since the beginning of the year. So, the bank's assets have increased by 287 million manats over the course of a year, reaching a total of 821 million manats.
The bank's successful development in its credit portfolio has been ongoing for a while. The total portfolio has increased by 176 million manats over the year, reaching 622 million manats. As part of its mission, a significant portion of the credit portfolio is dedicated to financing the real sector. In 2022, Yelo Bank lended out over 19,000 business loans, resulting in a 53% increase in the business credit portfolio to 396 million manats, which is a growth of 137 million manats.
During the fourth quarter, over 5,000 customers were provided with consumer loans totaling 46 million manats. This led to a 22% increase in the consumer credit portfolio during the year, reaching 220 million manats with a growth of 39.9 million manats. 30% of these sales and 49% of the portfolio growth were facilitated through online channels.
There has been a notable increase in the bank's deposit portfolio as well. This indicates to the trust and confidence in Yelo Bank. In 2022, more than 10,000 customers entrusted their deposits to Yelo Bank, resulting in a 62% increase in the total deposit portfolio to 572 million manats. The rapid increase in the number of new depositors reflects the bank's favorable service quality and terms.
Furthermore, the bank's interest income for the reporting period amounted to 86 million manats. This is 23 million manats more compared to 2021. It's worth noting that the bank ended the year with a net profit of 5.2 million manats.
By the end of the reporting period, Yelo Bank's total capital reached 93 million manats. This exceeds regulatory requirements by 43 million manats. The adequacy ratio of total capital was 13.13%, while the adequacy ratio of Tier 1 capital was 7.84%, both surpassing the required norms.
In 2022, Yelo Bank expanded its service network. Several new branches were opened in different regions, and existing branches were improved. Most of the newly established branches followed a digital concept. The primary goal of these concept-based branches is to provide banking operations to customers in an agile and convenient manner, as well as to promote non-cash payments.
The bank's success story doesn't end there. In the direction of promoting non-cash transactions, Yelo Bank introduced innovative changes and services last year. As a result, the non-cash payment turnover increased by up to 70% in 2022 compared to the previous year. Various digital innovations were also introduced for customers’ convenience. This is why Yelo App was evaluated as the most user-friendly mobile application based on 1000 criteria at the Mobile Banking Day Baku conference by Markswebb consulting agency. Yelo Bank will continue to bring bright innovations to the banking sector in 2023.
Do you have additional questions about the bank's services? Then call us at 981 or write to us on Facebook, Instagram, or WhatsApp.
Yelo Bank - Brighter Banking!