Baku, Azerbaijan, Nov. 4
By Azad Hasanli - Trend:
Assets of International Bank of Azerbaijan-Georgia (IBA-Georgia) stood at 128.15 million GEL in the third quarter of 2014, Georgia's National Bank (NBG) told Trend Nov. 4.
Georgian National Bank's official exchange rate for Nov. 24 is 1.7529 GEL/USD.
IBA-Georgia is a subsidiary bank of the International Bank of Azerbaijan, based in the Georgian capital of Tbilisi.
The bank's assets fell by 4.8 percent throughout the year - in late third quarter of 2013 the figure was 134.65 million GEL.
Over a half of the IBA-Georgia's assets are placed in the freely convertible currency, while 37.63 percent (79.93 million GEL) is placed in the national currency of Georgia.
Some 1.41 million GEL was accumulated in cash and cash equivalents of the IBA-Georgia, which is 33.3 percent less than as of October 1, 2013.
The bank's loan portfolio dropped by 10.6 percent and amounted to 95.5 million GEL. For comparison, in late September 2013, this figure was 106.8 million GEL.
The bank issued 34.1 percent of loans in national currency (32.6 million GEL), while 65.9 percent of loans worth an equivalent of 62.9 million GEL were issued in the freely convertible currency. Reserves in the bank's loan portfolio totalled 10.71 million GEL in late September 2014.
IBA-Georgia's total liabilities in the reporting period were 100.34 million GEL, decreasing by 8.2 percent over the year. Among the liabilities the funds placed on current accounts and as deposits, increased by almost 3.5 times and amounted to 24.34 million GEL.
The bank attracted fixed term deposits worth 4.45 million GEL, 3.98 million GEL of which accounted for deposits in freely convertible currency, and only about 72,000 GEL were the deposits in the national currency.
IBA-Georgia's authorized capital has not changed throughout 2014 and totalled 22.69 million GEL as of late September 2014.
Meanwhile, the bank's total capital stood at 27.81 million GEL (including 5.1 million GEL of retained earnings, and 51,930 GEL from asset revaluation).
The total capital's volume grew by 9.5 percent. For comparison, in late third quarter of 2013, this figure was 25.4 million GEL.
IBA-Georgia received total interest income of 9.13 million GEL at interest expense of about 4.3 million GEL.
Thus, the bank's net interest income in the third quarter of 2014 was 4.81 million GEL, or 18.8 percent less than the amount received in the same period of last year (5.93 million GEL).
IBA-Georgia concluded the third quarter with a net profit of 2.54 million GEL, the net income increasing by almost 2.9 times.
IBA-Georgia was registered by Georgian Justice Ministry in November, 2006.
The bank serves both Azerbaijani and Georgia clients.