Assets of Azerbaijani-Turkish bank increase

Baku, Azerbaijan, July 29

By Kheyraddin Nasirzade – Trend:

Following the results of the second quarter of 2019, the Azerbaijani-Turkish Azer-Turk Bank increased its total assets by 7.1 percent compared to the second quarter of the previous year, Trend reports referring to the bank’s financial report.

According to the report, total assets increased by 22.265 million manats to 336.009 million manats. The main share in the structure of assets is held by the loan portfolio (47.3 percent), the volume of which increased by 19.4 percent to 159.01 million manats.

Accounts receivable from operations with banks amounted to 94.856 million manats, which is 55.9 percent more than last year. The bank’s assets for sale increased by 53.5 percent and reached 35.469 million manats.

The volume of cash and balances on correspondent accounts at the Central Bank of Azerbaijan (CBA) decreased by 2.5 times, amounting to 31.336 million manats. The volume of fixed assets in aggregate with intangible funds increased by 10.9 percent to 10.089 million manats.

The total liabilities of the bank increased by 8.8 percent to 281.908 million manats during the reporting period. The balances of client accounts, which account for about 64 percent of all liabilities, increased by 21.8 percent and amounted to 179.554 million manats in the reporting period. Debts to other banks and financial institutions decreased by 5.1 percent to 96.816 million manats.

The bank's own capital decreased slightly (by 0.9 percent), amounting to 54.101 million manats. The authorized capital of the bank remained unchanged at 50 million manats. Retained earnings amounted to 4.101 million manats.

Azer-Turk Bank was established in May 1995. The bank’s main shareholder is the State Property Issues Committee of Azerbaijan (75 percent). The bank’s shareholders also include Turkey’s Ziraat Bank, Azerbaijan’s AzRe Tekrarsigorta reinsurance company and Azerbaijan’s Qala Heyat Sigorta specialized life insurance company.

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Follow the author on Twitter: @1nasirzade

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