Baku, Azerbaijan, Nov. 5
By Azad Hasanli - Trend:
Third quarter 2015 results indicate that the volume of deposits in the International Bank of Azerbaijan - Georgia OJSC (IBA-Georgia) decreased by 64 percent, compared to the same period last year - from 24.35 million lari to 17, 3 million lari (GEL), the National Bank of Georgia told Trend Nov. 4.
The official rate of the National Bank of Georgia, as of November 4, is 2.3993 GEL/USD.
IBA-Georgia is a subsidiary bank of the International Bank of Azerbaijan, based in the Georgian capital of Tbilisi.
The bulk of the reported deposits (94.2 percent or 16.3 million lari) accounted for current deposits, with the remaining deposits (5.8 percent, or 986,400 lari) - being term deposits.
At the same time, the ratio of deposits in national and foreign currencies changed. So, in the third quarter of 2014, 70.3 percent of deposits (19.97 million lari) was placed in foreign currency and 29.7 percent (8.4 million lari) in national currency.
However, at the end of the third quarter of 2015, the deposits in national currency in the bank exceeded 73 percent (12.65 million lari) of total deposits. Deposits in foreign currency amounted to 27 percent (4.67 million lari).
In general, during the reporting period, total liabilities of the bank increased by 16.65 percent - up to 117.05 million lari - as compared with the end of the third quarter of 2014. Also, the total volume of liabilities in foreign currency amounted to 88.9 percent, or 104.1 million lari in national currency - 11.1 percent or 12.9 million lari.
At the end of the third quarter of 2015, the bank's assets totaled 145.4 million lari, which is 13.46 percent higher than in the same period in 2014.
The majority of assets (60.4 percent or 87.8 million lari) were placed in freely convertible currency and the remainder (39.6 percent or 57.57 million lari) - in the national currency.
During this period, 1.4 million lari were accumulated in cash and cash equivalents, which is 0.5 percent more than in the same period last year. The main part of the assets, 65.68 percent, or 95.5 million lari, accounted for the loan portfolio (0.01 percent growth for the year). Some 57.8 percent of loans issued by the bank account were for loans in foreign currency (55.2 million lari), while loans amounting to the equivalent of 40.3 million lari were granted in freely convertible currency.
Revenues of IBA-Georgia for the third quarter were 16.4 million lari, with expenses of 7.81 million lari.
Net profits for the period reached 806,800 lari against 2.5 million lari in the same period last year.
As of the end of September 2015, the authorized capital of IBA-Georgia remained unchanged, at 22.688 million lari. The total capital of the bank amounted to almost 28.3 million lari, increasing by 1.8 percent for the year. For comparison, at the end of the third quarter of 2014 this figure was 27.8 million lari.
IBA-Georgia was registered by the Georgian Justice Ministry in November 2006.
The bank serves both Azerbaijani and Georgian clients.