Assets of Azerbaijani bank`s Georgian "daughter" increased by more than 41%

Baku, Azerbaijan, May 14
By Emin Aliyev - Trend:

The assets of the "Caucasian Development Bank - Georgia" (subsidiary of Azerbaijani "Caucasian Development Bank" JSC) amounted to 23.48 million Georgian lira in the first quarter of 2014, the National Bank of Georgia told Trend.

The assets of the Bank grew by 41.28 percent - as of Q1, 2013, the figure was 16.62 million GEL. More than 64 percent of the bank's assets are placed in the national currency, and the rest (8.35 million GEL) - in freely convertible currencies. Some 439,300 GEL have been accumulated in cash and cash equivalents, which is 91.98 percent higher than in the first quarter of 2013.

The loan portfolio of the bank grew by 28.57 percent and amounted to 8.37 million GEL. For comparison, as of March, 2013, the figure was 6.51 million GEL. More than half of issued loans comprise loans in national currency (4.3 million GEL) and the loans in equivalent of 4.06 million GEL granted in freely convertible currencies. The amount of reserves in the structure of the loan portfolio of the "Caucasian Development Bank - Georgia" as of March 2014 amounted to 1.41 million GEL.

The total volume of the bank's liabilities amounted to 8.47 million GEL in the reported period, increasing by 4.65 times. The funds deposited in current accounts, increased more than 21 times and amounted to 2.08 million GEL in the structure of liabilities. The bank attracted term deposits in the amount of 5.58 million GEL, some 5.55 million GEL of which are the deposits in freely convertible currency and only 21, 800 GEL - on deposits in national currency.

As of March, 2014, the authorized capital of the "Caucasian Development Bank - Georgia" was 14.82 million GEL . The total capital of the bank amounted to 15.01 million GEL (including 187,790 GEL retained earnings). Its volume grew by 1.42 percent in a year - for comparison, as of the first quarter of 2013, the figure was 14.8 million GEL.

As of Q1, the net interest income of the "CBD- Georgia" amounted to 205,500 GEL, which is 24 percent less than the same figure last year (270,420 GEL).

The Bank completed the first quarter with a net profit in the amount of 125, 780 GEL.

"Caucasus Development Bank" JSC was founded April 23, 1996 to address the issues on the acceleration of socio-economic development of the Caucasus countries with the assistance of enterprises, banks, organizations and citizens of Azerbaijan, USA, Germany, Russia and Georgia. The subsidiary bank began work in mid-2006 in Georgia.

The official exchange rate of the National Bank of Georgia on May 13 is 1.7605 GEL / USD.

Edited by C.N.

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