Azerbaijani biggest bank to continue active work in 2010

Business Materials 12 March 2010 16:49 (UTC +04:00)

Azerbaijan, Baku, March 12 / Trend N. Ismayilova /

The International Bank of Azerbaijan (IBA) in 2010 will continue active work in strengthening the bank's capitalization and diversification of assets and liabilities, chairman of the bank's board Jahangir Hajiyev said.

"The Bank will also continue to strengthen its subsidiaries, which are now successfully working abroad, in general, the main task of the bank in 2010 - is definitely moving forward" - said Hajiyev.

He said the issue of strengthening the capitalization of the bank should be considered by shareholders. But management position in this matter is to maintain the level of profitability of bank's shares, which is necessary for the attractiveness of the bank and support of small shareholders.

A part of IBA profit for the third quarter worth $ 40 million manat was spent at increasing the share capital by increasing the nominal value of shares of the bank. As a result, the nominal share price has increased from 0,2 to 0,24 manat.

During January-September IBA received 92,68 million manat of net profit. The total capital of IBA is formed at the level of 452.1 million manat. About 200 million manat fall on the authorized capital for.

The Central Bank of Azerbaijan recommended the International Bank to increase the authorized capital up to 1 billion manat.

The state share in the share capital of IBA is 50.2 percent. The rest part of the capital is formed at the expense of private shareholders.

As of March 12, the official exchange rate is 0.8033 manat to $1.