Azerbaijani CDB’s Georgian subsidiary suffers loss in 1H16

Baku, Azerbaijan, Aug. 18

By Azad Hasanli – Trend:

The Caucasus Development Bank-Georgia JSC, a subsidiary of Azerbaijan’s closed Caucasus Development Bank, completed 1H 2016 with a loss of 2.5 million laris (2.3174 laris = $1 on Aug. 18), says the bank’s financial report.

The bank’s revenues amounted to 1.5 million laris, while its expenses totaled 1.53 million laris.

During the period, the bank created a reserve of 2.46 million laris to meet possible losses, according to the report.

The bank’s net profit was 115,700 laris in 1H 2015.

In January-June 2016, the assets of the Caucasus Development Bank-Georgia fell by 16.26 percent, as compared to the same period of 2015, and totaled 34.9 million laris.

The bank’s liabilities decreased by 20 percent from 21.4 million laris to 17 million laris.

Share capital of the bank also decreased from 20.3 million laris to 17.9 million laris during the period.

The license of Caucasus Development Bank was revoked on Jan. 27, 2016, in Azerbaijan, while it was declared bankrupt on Aug. 16 by the Baku Administrative-Economical Court No.1.

The Central Bank of Azerbaijan (CBA) had said the bank’s license was revoked because its total capital didn't correspond to the minimum requirement of 50 million manats. The bank also couldn't fulfill obligations to creditors, CBA explained.

The Caucasus Development Bank - Georgia, with assets of 0.14 percent of the total banking assets of Georgia, continues services to its clients.

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