Baku, Azerbaijan, May 22
By Anvar Mammadov – Trend:
State banks of Azerbaijan didn’t pay dividends to the state budget in 2016, says a report of the country’s Chamber of Accounts, presented to the parliament for discussions.
Azerbaijan has two banks with the state participation in their authorized capital – Azer Turk Bank OJSC (the State Committee on Property Issues has a 75-percent share in the bank) and the International Bank of Azerbaijan JSC (54.96 percent of shares is owned by the Finance Ministry and 28.18 percent – by Aqrarkredit CJSC).
Despite the fact that Azer Turk Bank completed the previous year with a profit of 7.34 million manats, the bank didn’t pay dividends to the state budget as in 2015, according to the report.
“The bank completed 2015 with a loss of 4.63 million manats, thus, it couldn’t pay dividends to the state budget in the amount of 3.29 million manats,” says the report.
In 2016, the International Bank of Azerbaijan, says the report, didn’t envisage transfers to the state budget as in 2014 and 2015.
(1.7023 manats = $1 on May 22)