Int’l Bank of Azerbaijan completes 1Q2017 with profit
Baku, Azerbaijan, Apr. 13
By Azad Hasanli – Trend:
The International Bank of Azerbaijan (IBA) completed the 1Q2017 with a profit of 90 million Azerbaijani manats, the IBA said in a message Apr. 13.
The bank’s operating income amounted to 218 million manats, while expenses totaled 136 million manats, says the message.
Meanwhile, the IBA revised the cost of goods and services in order to increase the income from banking activities. Therefore, tariffs and interest rates on loans have been revised. As a result, during the period, operating income increased by 24 percent, and interest income on retail lending by 11 percent as compared to the 1Q2016.
The message also says that the bank was able to save 3.4 million manats in administrative expenses in the 1Q2017 thanks to optimization measures.
In total, the IBA plans to save 48 million manats in administrative expenses and 11 million manats in commission expenses.
During the reporting period, the bank tightened its loan policy, suspended crediting of risky projects, and loans were directed to less risky projects.
The International Bank of Azerbaijan has been operating since 1992. A major part of the bank’s assets is owned by Azerbaijan’s Finance Ministry.