Baku, Azerbaijan, Jan. 11
Introduction of best practices in the banking sector, further strengthening of the market positions of the International Bank of Azerbaijan (IBA), the widespread use of innovative banking technologies are the main strategic goals of the new stage of the bank’s development, the IBA said in a message.
“In 2016-2017, intensive processes of financial and institutional improvement were taking place in the IBA,” the message said. “The bank expresses its deep gratitude to all those who contributed to its improvement, including customers and media representatives.”
The bank started its activity on Jan. 10, 1992 and today is the largest in the South Caucasus region in terms of assets volume.
On the day of its 26th anniversary, IBA also announced its financial results for 2017. The bank successfully switched to a new stage of development, having completed the process of financial improvement and voluntary restructuring of liabilities in foreign currency.
“Consistent measures aimed at the financial improvement of the IBA, including the measures to increase profitability and quality of service, optimize costs, significantly strengthened the capital position of the bank,” the message noted. “As a result, the regulatory capital of the bank increased to 525 million manats, while the capital adequacy ratio reached 18 percent, exceeding the regulatory requirement by 1.8 times.”
As of the end of 2017, the bank’s assets amounted to 8.69 billion manats, liabilities - 7.75 billion manats, and balance capital - 0.94 billion manats. The loan and deposit portfolio amounted to 1.8 billion manats and 5.1 billion manats, respectively.
(1.7001 manats = 1 USD on Jan. 11)