Azerbaijan’s Kapital Bank reduces liabilities to Central Bank

Business Materials 11 July 2017 18:20 (UTC +04:00)

Baku, Azerbaijan, July 11

By Anvar Mammadov – Trend:

As of late 2016, liabilities of Azerbaijan’s Kapital Bank to the country’s Central Bank (CBA) amounted to 80.06 million manats, said the bank’s audit report for 2016 published July 11 in the Electronic System for Information Disclosure (ESID).

The London-based Ernst & Young company acted as auditor of the bank.

Kapital Bank reduced its liabilities to the CBA by 22.3 percent for 2016, according to the report.

The bank’s total liabilities to Azerbaijani state organizations reached 378.84 million manats in the reporting period, and the volume of the total liabilities decreased by 8.1 percent as compared to the end of 2015.

The major part, 235.2 million manats (62.1 percent), accounted for the liabilities to Azerbaijan’s Finance Ministry (a 1.7 percent decrease for the year). This amount includes both deposits placed in the bank by the Finance Ministry and a loan attracted by the bank within the framework of the program of technical assistance to Azerbaijan’s financial sector implemented jointly with the International Development Association (IDA).

The bank also has liabilities to the National Fund for Entrepreneurship Support (NFES) in the amount of 44.14 million manats and Azerbaijan Mortgage Fund (19.44 million manats).

Founded in 1874 as Azerbaijan Savings Bank, today Kapital Bank is one of Azerbaijan’s largest banks serving more than three million customers. Kapital Bank provides services to people in 90 branches and two offices throughout the country and has the most extensive service network.