Net income of Azerbaijani bank’s Georgian subsidiary slightly decreases

Business Materials 6 May 2016 12:39 (UTC +04:00)

Baku, Azerbaijan, May 6

By Anvar Mammadov - Trend:

Net income of JSC International Bank of Azerbaijan - Georgia (IBA-Georgia), a subsidiary of the International Bank of Azerbaijan in Georgia, in 1Q2016 totaled 1.61 million Georgian laris, which is by 16.1 percent less than in the same period of 2015, Georgia's National Bank told Trend.

The official exchange rate of Georgia's National Bank is 2,2158 GEL/USD on May 6.

The bank received a total interest income of $2.24 million laris under interest expense in the amount of about 930,510 laris. Thus, IBA-Georgia's net interest income amounted to 1.31 million laris in the first quarter of 2016, which is by 24.7 percent less than in the same period of 2015 (1.74 million laris).

The bank's assets totaled 105.19 million laris in January-March 2016. The volume of IBA-Georgia's assets decreased by 35.4 percent for the year - this figure was 162.73 million laris at the end of the first quarter of 2015.

The bank's loan portfolio decreased by 26.3 for the year and amounted to 72.17 million laris, while this volume was 97.98 million laris on the results of the first quarter of 2015.

Total volume of the bank's liabilities decreased by 43.9 percent for the year and amounted to 74.77 million laris according to the results of the reporting period.

Edited by SI


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