Azerbaijan’s Muganbank increases assets by almost 21%
Baku, Azerbaijan, July 23
By Kheyraddin Nasirzade – Trend:
Azerbaijan’s Muganbank completed the second quarter of 2019 with a 20.7-percent increase in its assets, Trend reports referring to the bank’s financial report.
At the end of June, its total assets amounted to 587,224,000 manats, which is 100,861,000 manats more than last year.
The loan portfolio holds the main share in the structure of assets at 61.6 percent, with its volume having dropped by 2.4 percent, amounting to 361.493 million manats. The volume of cash and cash equivalents increased by 48.3 percent to 21,711,000 manats. Balances on nostro and correspondent accounts with other banks, including the CBA, increased by almost 2.9 times during the reporting period, reaching 90,310,000 manats, according to the report.
Fixed assets and other assets increased 1.6 times, reaching 113,710,000 manats.
As noted in the report, total liabilities increased over the reporting period by 23.1 percent, to 517,323,000 manats. About 58 percent in the structure of liabilities are current accounts of customers, as well as their deposits in the amount of 299,793,000 manats, which is almost 30 percent more than last year.
At the same time, the volume of funds raised from other banks and financial institutions increased by 16.4 percent, reaching 211,460,000 manats. The volume of debt securities decreased by 1.8 times, to 1,241,000 manats.
The bank's own capital increased by 5.5 percent over the reporting period, reaching 69,901,000 manats. At the same time, the share capital increased by 10,000,000 manats, to 95,000,000 manats. Uncovered loss amounted to 25,904,000 manats.
($1= 1.7 manats on July 23)
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