Yelo Bank OJSC’s net profit declined significantly in the first nine months of 2026.
According to Yeniavaz.com, citing the bank’s published quarterly report, net profit fell by 7.568 million manats, or 30.5%, compared with the same period last year.
The volume of customer deposits held at Yelo Bank also decreased. Deposits belonging to legal entities fell by 18.2604 million manats, or 11.1%, this year.
Meanwhile, the bank’s non-performing loans increased considerably. At the end of the third quarter of 2026, non-performing loans reached 49.567 million manats, up by 11.339 million manats, or 30%, compared with the same period last year. Non-performing loans accounted for 4.3% of the bank’s total loan portfolio.
Yelo Bank has operated in Azerbaijan since 1994, when it began its activities as the commercial bank “Ulpar.” In 2002, it was rebranded as “Nikoil Bank,” and in 2019 it adopted its current name, Yelo Bank.
Until March 2022, the bank’s main shareholder was Topaz Investment Limited LLC. The person directly controlling the bank was Azerbaijani-born billionaire Vagit Alekperov, owner of Russian oil company Lukoil. Following sanctions imposed on Russia after the war in Ukraine began, Alekperov transferred several assets under his control to other individuals.
Since March 2022, Marina Kulishova has been the person directly controlling Yelo Bank. She owns 98.94% of the bank’s shares. With share capital of 378 million manats, Yelo Bank is the second-largest private bank in Azerbaijan by this measure.
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