Assets of Azerbaijan Deposit Insurance Fund reduce

Business Materials 18 June 2019 18:47 (UTC +04:00)

Baku, Azerbaijan, June 18

By Kheyraddin Nasirzade - Trend:

The Azerbaijan Deposit Insurance Fund (ADIF) for 2018 reduced total assets by 3.9 percent, Trend reports with reference to the audited report of the fund, conducted by Pricewaterhouse Coopers Azerbaijan.

The total assets of the Fund as of Dec. 31 last year amounted to 952.3 million manats, where state bills worth 790.3 million manats account for the main share. Also, in the assets structure, cash and cash equivalents decreased by 19.1 percent, reaching 105.4 million manats.

Accrued insurance fees increased by 16.5 percent and amounted to 7.8 million manats. Intangible assets decreased by 33,575 manats, reaching 167,108 manats. Fixed assets in the form of real estate and equipment decreased by 12.3 percent to 1.38 million manats.

The volume of long-term assets decreased by 25.5 percent, reaching 47.25 million manats.

The total liabilities of the fund have decreased significantly by 7.3 times, reaching 11.7 million manats, including the debt related to the payment of compensation worth 11.69 million manats.

Additional capital investments for the year decreased by 4.4 percent, reaching 1.275 billion manats. Reserves for insurance fees fell by 21.7 percent, amounting to 334.96 million manats in loss.

The ADIF started operating Aug. 13, 2007.