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Losses of Azerbaijan’s largest bank for six months exceed 200M manats

Economy Materials 10 December 2015 18:37 (UTC +04:00)

Baku, Azerbaijan, Dec. 10

By Azad Hasanli - Trend:

The International Bank of Azerbaijan (IBA) has completed the first half of 2015 with a loss of 215.85 million manats (AZN) compared to its profit of 41.12 million manats in 2014, said the financial report of the bank audited by Deloitte & Touche.

The official exchange rate for December 10 is 1.0492 AZN / USD.

The bank's assets in January-June increased by almost 17 percent compared to the beginning of the year - up to 10.76 billion manats, according to the report.

The biggest share of assets (almost 87 percent, or 9.35 billion manats) accounted for loans given to customers (a 19 percent increase from the beginning of the year).

Reserves on loans amounted to 1.2 billion manats compared to 849 million manats at the beginning of the year.

In the structure of reserves, 1.1 billion manats fell on corporate loans, 83.87 million manats - on customer loans, 5.18 million manats - on mortgage loans, 1.9 million manats - on car loans.

In the first half of 2015, cash and cash equivalents at the bank amounted to 416.9 million manats.

Total liabilities of the bank exceeded 10.2 billion manats (a 20 percent increase from the beginning of the year).

As of late June 2015, the IBA had liabilities before other banks accounting for more than 1.8 billion manats.

The volume of money on customer accounts at the International Bank of Azerbaijan reached nearly 4.7 billion manats, increasing by 13.5 percent compared to the beginning of the year.

The subordinated bank debt increased from 421.5 million manats (as of the beginning of the year) to 720 million manats (70.8 percent growth since the beginning of the year).

At the end of the first half of 2015, the bank's share capital rose to nearly 641.3 million manats (a 8.7 percent increase).

IBA was founded in 1992 and is the largest bank of Azerbaijan. Currently, 51.07 percent of stake in the bank is owned by the state, 48.93 percent - by private shareholders.

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