Total assets of Azerbaijan’s AFB Bank decrease by 19%

Baku, Azerbaijan, July 24

By Kheyraddin Nasirzade – Trend:

Total assets of Azerbaijan’s AFB Bank at the end of the second quarter of this year decreased by 19 percent compared to the same period last year, Trend reports referring to the bank’s financial report.

The bank’s total assets amounted to 423.672 million manats at the end of June, which is by 99.11 million manats less than in the first half of last year.

The main share in the structure of assets accounts for the loan portfolio (49 percent), the volume of which during the reporting period increased by 24.3 percent and reached 207.115 million manats. Investments in securities decreased by almost half, to 47.39 million manats, compared to the last year. The bank’s cash and cash equivalents decreased by 10.4 percent to 49.266 million manats.

The balances on correspondent and “nostro” accounts of the CBA and other banks significantly decreased by 3.2 times, to 45.45 million manats. In addition, the bank reduced the volume of deposits in other financial institutions, including banks, by almost 30 percent, or 34.89 million manats.

At the same time, the bank increased the total volume of fixed assets, intangible and other assets 2.2 times, up to 39.692 million manats.

The bank reduced the volume of total liabilities in the first six months of the year by 22.9 percent, to 347.714 million manats. In particular, the volume of customer deposits has decreased significantly - by almost 30 percent, reaching 222.152 million manats. At the same time, the bank’s liabilities in the form of deposits of other banks and financial institutions increased by 19.1 percent to 28.29 million manats.

During the reporting period, the bank increased its total capital by 5.5 percent to 75.958 million manats.

AFB Bank began its activities in 2009.

($1=1.7 manats on July 24)

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Follow the author on Twitter: @1nasirzade

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