Azerbaijani largest bank to transfer 63 percent of undistributed profit for paying dividends

Photo: Azerbaijani largest bank to transfer 63 percent of undistributed profit for paying dividends
 / Economy news

Azerbaijan, Baku, Nov. 30 / Trend J. Nasibova /

According to the decision made by general shareholders meeting of the International Bank of Azerbaijan (IBA), over 63 percent of the undistributed profit as of 2011 will be used to pay dividends, IBA reported today.

According to the consolidated report on IBA financial position as of late 2001, prepared on the basis of international auditing standards, undistributed profit totaled 13.694.766 manat.

A decision was made to pay around 8.694.766 manat of this amount to shareholders in the form of dividends, and remaining five million manat will be used to increase the bank's share capital, after closing the emission.

The IBA financial report as of 2011, confirmed by independent auditor - Deloitte & Touche, and recommended by the bank's Audit Committee was also approved at the general meeting of shareholders.

IBA net profit amounted to 200.958 million manat, income - 1.2 billion manat for the last three years (2009, 2010 and 2011).

IBA was established in 1992 as the successor of the Azerbaijan branch of Vnesheconombank.

IBA has a dominant position in the banking sector. The state share in the authorized capital of the bank is 50.2 percent, the remaining shares are distributed among private legal and physical entities.

The official exchange rate is 0,7847 AZN/USD on Nov. 30.

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