IBA-Georgia’s assets rise
Baku, Azerbaijan, Aug.5
By Anvar Mammadov - Trend:
Assets of International Bank of Azerbaijan-Georgia (IBA-Georgia) stood at 154.38 million lari in the first half of 2015, the National Bank of Georgia told Trend.
IBA-Georgia is a subsidiary bank of the International Bank of Azerbaijan, based in the Georgian capital of Tbilisi.
The bank's assets increased by 36.8 percent throughout the year - in late second quarter of 2014 the figure was 112.87 million lari.
Some 66.6 percent (102.85 million lari) of the IBA-Georgia's assets are placed in the freely convertible currency, while 33.4 percent (51.53 million lari) is placed in the national currency of Georgia.
Some 1.48 million lari was accumulated in cash and cash equivalents of the IBA-Georgia, which is 18.68 percent less than as of July 1, 2014.
The bank's loan portfolio decreased by 2 percent and amounted to 92.88 million lari. For comparison, in late second quarter 2014, this figure was 94.78 million lari.
The bank issued 37.28 percent of loans in national currency (34.63 million lari), while 62.72 percent of loans worth an equivalent of 58.25 million lari were issued in the freely convertible currency. Reserves in the bank's loan portfolio totaled 14.28 million lari in late June 2015.
The Bank received a total interest income of 7.36 million lari at the interest expense worth about 3.77 million lari. Thus, net interest income of IBA-Georgia in the second quarter of 2015 amounted to 3.59 million lari, which is 11.5 percent more than in the same period last year (3.22 million lari).
IBA-Georgia's total liabilities in the reporting period were 125.44 million lari, increasing by 46.95 percent over the year. Among the liabilities the funds placed on current accounts and as deposits, increased by 5.7 times and amounted to 20.33 million lari. The bank attracted fixed term deposits worth 29.73 million lari.
The net profit of International Bank of Azerbaijan-Georgia (IBA-Georgia) OJSC amounted to 1.4 million lari in the second quarter of 2015, which is 5.3 times more than in the same period last year.
IBA-Georgia's authorized capital has not changed throughout 2014 and totaled 22.69 million lari as of late June 2015.
Meanwhile, the bank's total capital stood at 28.93 million lari (including 6.04 million lari of retained earnings, and 204,400 lari from asset revaluation).
The total capital's volume grew by 5.2 percent. For comparison, in late second quarter of 2014, this figure was 27.5 million lari.
IBA-Georgia was registered by Georgian Justice Ministry in November 2006.
The bank serves both Azerbaijani and Georgia clients.
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