Baku, Azerbaijan, April 26
By Ilkin Shafiyev - Trend:
The assets of Azerbaijan’s NIKOIL Bank grew 11.67 percent in the first quarter of 2018 compared to the fourth quarter of 2017, to 488.369 million manats, according to the bank’s financial report.
In the structure of assets, the biggest share (56.94 percent or 278.06 million manats) accounted for loans to customers. The bank created reserves worth 58.15 million manats for these loans. The loan portfolio of NIKOIL Bank decreased by 4.67 percent in the first quarter of 2018.
In the reporting period, the bank significantly increased investments in securities, from 8.2 million manats to 24.98 million manats. In January-March 2018, NIKOIL Bank also had cash worth 34.25 million manats, funds worth 62.85 million manats in a correspondent account in the Central Bank of Azerbaijan and deposits worth 31.4 million manats in other commercial banks.
Liabilities of NIKOIL Bank as of April 1, 2018 reached $388.652 million (a 7.25 percent growth for the first quarter of 2018). According to the report, the growth of liabilities was mainly due to a 9.1 percent increase in the deposit portfolio to 250.04 million manats.
The share capital of the bank is 245 million manats (a 25 million manats increase for the first quarter of 2018). The bank completed the first quarter of this year with a loss of 309,320 manats.
NIKOIL Bank has been operating in Azerbaijan since 1994.