Profit of IBA’s Moscow branch exceeds $21M

Business Materials 16 August 2017 17:23 (UTC +04:00)

Baku, Azerbaijan, Aug. 16


IBA-Moscow, a subsidiary of the International Bank of Azerbaijan (IBA) in Russia, has completed the first half of 2017 with a profit of 1.27 billion rubles (over $21 million), reads the bank’s financial report.

The bank’s income exceeded 1.84 billion rubles, while operating expenses exceeded 447.94 million rubles.

Compensation for taxes exceeded 126.27 million rubles.

As of early July 2017, the bank’s assets amounted to 18.52 billion rubles, which is 22 percent less than at the beginning of the year. About 88.3 percent of the bank’s assets (16.35 billion rubles) accounted for net lending receivables, which increased 61.6 percent as compared to the beginning of the year.

Liabilities of IBA-Moscow exceeded 14.79 billion rubles compared to 21.29 billion rubles as of late 2016. Funds of credit organizations totaled 2.79 billion rubles, while funds and deposits of customers amounted to 11.39 billion rubles.

IBA-Moscow was founded in 2002.

(59.9266 RUB = 1 USD on Aug. 16)