Azerbaijani AG Bank’s losses down in Jan.-March 2019

Baku, Azerbaijan, May 3

By Kheyraddin Nasirzade – Trend:

Azerbaijan’s AG Bank OJSC completed the first quarter of 2019 with losses worth 531,400 manats, which is almost six times less than in January-March 2018, Trend reports referring to the bank’s financial report.

According to the report, the bank’s total assets decreased by 1.8 percent up to 495.2 million manats in January-March 2019 compared to January-March 2018. In the asset structure, the bank's cash increased by 19.1 percent up to 20.5 million manats.

The correspondent account balances in the Central Bank of Azerbaijan (CBA) decreased by 38.3 percent up to 4.6 million manats. The balances on nostro accounts increased by 44.2 percent up to 37.4 million manats. The volume of loans issued to other financial institutions reached 11.6 million manats, which is slightly more than the volume in 2018. The volume of client loan portfolio decreased by 11.7 percent up to 208.9 million manats.

The fixed assets of the bank decreased by 5.5 percent up to 94.5 million manats. The real estate volume, unused in banking, increased by 81 percent up to 17.5 million manats. Intangible assets without amortization decreased by 13.7 percent up to 3.3 million manats. Other assets of the bank increased by 10.3 percent up to 96.4 million manats.

The total liabilities of the bank decreased by 3.6 percent up to 443.7 million manats. In the structure of liabilities, the volume of the deposit portfolio decreased by 4.5 percent up to 221.1 million manats.

In the structure of the deposit portfolio, the share of interest-free demand deposits of individuals amounted to 32.03 million manats, while the share of interest-bearing demand deposits of individuals amounted to 48.5 million manats.

The share of interest-free demand deposits of legal entities, including non-bank financial institutions, amounted to 74.4 million manats, while the share of term deposits of individuals and legal entities amounted to 66.2 million manats.

The bank's liabilities to the CBA decreased by 2.8 percent up to 38.9 million manats. The balance on "Loro" accounts increased by 4.9 times up to 20.5 million manats.

The volume of loans taken from other banks reached 16.9 million manats in January-March 2019, which is almost 22 percent less than in January-March 2018. The volume of loans taken from other financial institutions except the banks decreased by 14.4 percent up to 75.2 million manats.

Other liabilities of the bank increased by 30.2 percent and reached 71.01 million manats.

The total capital of the bank increased by 17.3 percent up to 51.5 million manats.

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Follow the author on Twitter: @1nasirzade

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