Georgia's subsidiary of Azerbaijani bank assets grow by almost 45%

Georgia's subsidiary of Azerbaijani bank assets grow by almost 45%

Baku, Azerbaijan, Aug.26

By Zulyiffa Kurbanova - Trend:

Assets of Caucasian Development Bank - Georgia (a subsidiary of Azerbaijan Caucasian Development Bank JSC) in the second quarter of this year amounted to 22.75 million lari, the National Bank of Georgia told Trend Aug. 26.

The volume of the bank's assets grew by 44.6 percent. By the end of the second quarter of last year, the figure was 15.73 million lari. More than 67 percent of the bank's assets are located in the national currency, and the remainder (7.48 million lari) in foreign currency. 462,300 GEL have been accumulated in cash and cash equivalents, which is 2.3 times higher than in the second quarter of 2013.

The loan portfolio grew by 49.3 percent and amounted to 7.97 million lari. For comparison, at the end June 2013, the figure was 5.34 million lari. More than 47 percent of issued loans are loans in national currency (GEL 3.75 million), and amount equivalent to 4.23 million lari was granted by foreign currency loans. The amount of reserves in the structure of the loan portfolio of the Caucasian Development Bank - Georgia by the end of June 2014 amounted to 1.39 million lari.

The total volume of the bank's liabilities in the reporting period amounted to 7.76 million lari, and increased by 8.9 times during the year. The structure of liabilities funds deposited on current accounts grew by 5.2 times during the year and amounted to 1.07 million lari. Bank attracted term deposits by 5.34 million lari, of which 5.32 million lari fell on deposits in foreign currency and some 239,000 GEL fell on deposits in national currency.

The authorized capital of the Caucasian Development Bank - Georgia was 14.82 million GEL as of the end of June of this year. The total capital of the bank amounted to 14.99 million lari (including 163,630 GEL of retained earnings). Its volume grew by 0.9 percent, for comparison, at the end of the second quarter of 2013, the figure was 14.86 million lari.

Net interest income for the second quarter amounted to 567,830 lari, which is 5.5 times more than what was obtained in the same period of last year (102,670 GEL).

The Bank completed the second quarter with a net profit in the amount of 74,970 GEL.

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

The official exchange rate of the National Bank of Georgia on Aug. 26 is 1.7252 GEL / USD.

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