Azerbaijan’s NakhchivanBank increases assets by over 12%
Baku, Azerbaijan, July 25
By Kheyraddin Nasirzade - Trend:
Azerbaijan’s NakhchivanBank increased its total assets by 12.5 percent at the end of the second quarter of this year compared to the same period of last year, Trend reports with reference to the financial report of the bank.
The bank’s total assets amounted to 215.763 million manats at the end of June, which is by 23.951 million manats more than in the second quarter of last year.
The main share in the structure of assets accounted for balances in correspondent accounts in the Central Bank of Azerbaijan (CBA) (46.6 percent), the volume of which increased by 57.8 percent and reached 100.529 million manats.
The volume of the loan portfolio after deducting target reserves amounted to 74.373 million manats, which is 7.6 percent more than last year.
The volume of deposits in other banks and financial institutions decreased by 48 percent to 15.17 million manats. The volume of cash and cash equivalents decreased by 8.6 percent compared to last year, reaching 16.276 million manats. The volume of participation in subsidiaries compared to last year remained unchanged, amounting to 5.5 million manats.
The bank’s total liabilities for the reporting period increased by 16.1 percent, amounting to 135.363 million manats. The structure of liabilities is dominated by deposits (66 percent), the volume of which during the reporting period increased by 19.5 percent to 89.317 million manats.
In addition, during the reporting period, the bank increased its debt obligations on loans taken from other financial institutions (excluding banks) by 21.6 percent to 44.823 million manats.
The bank’s own capital over the reporting period increased by almost 7 percent, to 80.399 million manats. Share capital together with retained earnings amounted to 79.474 million manats.
($1= 1.7 manats on July 25)