Azerbaijani bank’s Georgian subsidiary completes 3Q17 with profit
Baku, Azerbaijan, Nov. 10
By Anvar Mammadov – Trend:
Profit of the JSC International Bank of Azerbaijan – Georgia (IBA-Georgia), a subsidiary of the International Bank of Azerbaijan in Georgia, amounted to 42,110 Georgian laris in January-September 2017 as compared to the same period of 2016, according to the bank’s financial report.
The bank completed the same period of 2016 with a profit of 6.7 million laris.
Revenues of IBA-Georgia amounted to 3.48 million laris in 3Q17, while expenditures totaled 3.19 million laris. Additional 245,070 laris were used for establishing reserves on possible losses.
A major part of the bank’s income accounted for interest income gained thanks to the loans allocated for the construction sector – 1.26 million laris.
Meanwhile, IBA-Georgia received interest income thanks to the crediting of retail market (79,680 laris) and other sectors (1.44 million laris).
The IBA-Georgia’s assets decreased from 119.66 million to 91.82 million laris. Almost 30.8 percent (28.32 million laris) of the bank’s assets accounted for loans. Moreover, about 54.49 million laris were placed at the National Bank of Georgia (32.4 million laris) and other banks (22.09 million laris).
The bank’s available funds totaled 1.57 million laris according to the results of 3Q17.
Liabilities of the IBA-Georgia decreased by 36 percent and amounted to 54.15 million laris, including 3.03 million laris of liabilities to other banks. Deposits of customers in the bank totaled 31.44 million laris (a growth by 45 percent).
The bank’s share capital amounted to almost 22.7 million laris according to the results of the 3Q17.
IBA-Georgia has been operating since 2006.
(1 USD = 2.637 GEL on Nov. 10)