annual repOrt - Turan Bank

4
Statement by
Mr. FUAD MUSAYEV
CHaIrMan OF tHe SuperVISOry BOarD
OF “turan BanK” OJSC
by Mr. NAZIM SADIGOV
CHaIrMan OF tHe ManaGeMent BOarD
OF “turan BanK” OJSC
www.turanbank.az
Dear laDIeS
anD GentleMen!
I am proud and pleased to state that the year 2007 that
we are seeing off was remarkable for our country and people.
The sustained growth and development that our economy
has been experiencing for the last five years, holding
on its tendency in 2007, lead to major macroeconomic
achievements in a number of fields. In such dynamic growth
of the economy of our country the role of proper and sound
economic strategy, pursued by the government, and the
support and concern for this field is crucial. In a result of
the continuous endeavors made by the government for
rational use of huge economic potential that our country has,
the entreprneourship spirit is increasing year by year. The
most gratifying fact is that those who intend to be engaged
in entrepreneurship set up their activities in this field on longterm
basis, which serves for revival of production, reduction
of foreign dependence, growth of GDP and mainly for the
improvement of the social welfare of the people. As you
well know, the banking system of the country is of great
significance in the development of the economy, and in this
regard, we, Turan Bank OJSC, feel proud and pleasant to
play a role in the development of our economy.
Especially, I would like to note that the year 2007 was
significant for us as, in the result of the involvement of
new customers, including satisfaction of the demands
of the persons engaged in commercial and economical
activities, as well as the increasing confidence and trust of
our customers and people in the bank, the amount of the
savings deposited in the bank exceeded the expectations.
Beside it, strong competitivenes of the banking sector of
the country enables us to attach importance to quality and
customer satisfaction criteria in all kinds of services of the
bank. Turan Bank achieved all targets aimed in the bank’s
strategic plan covering the years 2004-2007, for the purpose
of increasing its lead in the national banking market. Our
financial indicators encourage us to say that Turan Bank is
making a confident progress towards the universal banking,
meeting the modern financial standards.
According to the financial indicators of the bank for 2007,
total assets for the respective year amounted to 60.5 million
AZN (71.5 million US Dollars), which exceeds the respective
indicators for the previous year by 44.4 percent (41.9 million
AZN or 48.1 million US Dollars).
As a characteristic feature of the banking system of our
country, the credit portfolio composes a significant part of
the total assets. The credit portfolio of the bank for 2007 was
47.55 million AZN (56.25 million US Dollars), which, in its
turn, exceeds the corresponding indicators for the previous