Azerbaijan’s largest bank`s Georgian "daughter" net profit increases almost 13% in a year

Baku, Azerbaijan, May 13
By Emin Aliyev - Trend:

The assets of subsidiary of the "International Bank of Azerbaijan - Georgia" JSC amounted to 116.22 million Georgian lari as of the first quarter of 2014, the National Bank of Georgia told Trend.

The assets of the bank decreased by 19.82 percent in a year and the figure amounted to 144.95 million GEL at the end of Q1, 2013. Over a third of the bank's assets are placed in the national currency, and 65 percent (75.52 million GEL) - in freely convertible currency. The "IBA-Georgia" had accumulated 1.68 million GEL in cash and cash equivalents, which is 54 percent higher than the first quarter of 2013.

The bank`s loan portfolio decreased by 17.23 percent during the year and amounted to 93.91 million GEL. For comparison, as of March 2013, the figure was 113.46 million GEL. Over a quarter of the issued loans comprise loans in national currency (23.83 million GEL) and the loans in equivalent 70.08 million GEL were granted in freely convertible currency. As of March, 2014, the volume of reserves in the "IBA-Georgia" credit portfolio amounted to 11.74 million GEL.

The total volume of the bank's liabilities amounted to 89.38 million GEL during the reported period, decreasing by 25.42 percent. The funds placed in the current accounts and in the form of deposit in the structure of liabilities, decreased by nearly 2 percent in a year and made up $ 11.41 million lari. The bank attracted term deposits in the amount of 5.78 million GEL, some 5.73 million GEL of which invested in freely convertible currency, and 52,250 GEL in deposits in national currency.

The authorized capital of IBA-Georgia remained unchanged in a year and amounted to 22.69 million GEL as of March, 2014. The total capital of the bank amounted to 26.84 million GEL (including 4.1 million GEL in retained earnings and 51, 930 GEL the reserves of asset revaluation). Its volume grew by 6.93 percent - for comparison, at the end of Q1, 2013, the figure was 25.1 million lari.

The bank received total interest income in the amount of 2.43 million GEL and in interest expenses in the amount of 1.34 million GEL. Thus, net interest income of "IBA-Georgia" as of Q1, 2014 amounted to 1.09 million GEL, which is less than half than what it was last year (2.22 million GEL).

The Bank completed the Q1 with a net profit in the amount of 670,430 GEL. Its volume grew by 12.61 percent.

"IBA-Georgia" bank passed state registration in the Georgian Ministry of Justice on November 2006. The bank serves both the Azerbaijani and Georgian customers.

The official exchange rate of the Georgian National Bank on May 13 is 1,7605 GEL / USD.

Edited by C.N.

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