Income of Azerbaijani bank’s Georgian subsidiary increases

Business Materials 3 August 2016 19:21 (UTC +04:00)

Baku, Azerbaijan, Aug. 3

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 2Q2016 totaled 3.45 million Georgian laris, which is by almost 2.5 times more than in the same period of 2015, said the bank’s report posted on its website.

The bank’s non-interest income amounted to 1.64 million laris during the period, while its interest income totaled 4.35 million laris, including revenues from loans – 3.62 million laris. A major part of the bank’s interest income was received from loans issued for the construction sector – 1.56 million laris, followed by consumer loans – 1.02 million laris, loans for energy sector – 234,000 laris, individual loans – 96,420 laris. Income from loans issued for other spheres amounted to 714,090 laris.

IBA-Georgia’s interest expenses amounted to 1.08 million laris during the reporting period, including interest payments on bank deposits – 829,300 laris. The bank’s non-interest expenses reached 1.72 million laris.

IBA-Georgia’s assets decreased by 38.96 million laris during the year and amounted to 115.42 million laris in late June 2016.

A major part of the bank’s assets accounted for issued loans – 73.01 million laris, reserves on which totaled 17.51 million laris.

IBA-Georgia’s total liabilities amounted to 83.57 million laris in 2Q2016, including 77.63 million laris in foreign currency. The bank’s liabilities decreased by 33.3 percent during the period compared to 2Q2015.

Current deposits of customers in the bank amounted to 22.46 million laris versus 20.33 million laris in 2Q2015.

The bank’s subordinated debt totaled 16.4 million laris in 2Q2016 compared to 15.74 million laris in the same period of 2015.

The bank’s authorized capital has not changed during the year and amounted to 22.69 million laris.

IBA-Georgia began to operate in January 2007.