Int’l Bank of Azerbaijan completes 2018 with net profit of almost 500M manats
Baku, Azerbaijan, Jan. 29
As of December 31, 2018, the assets of the International Bank of Azerbaijan (IBA) amounted to 7.9 billion manats, Trend reports with reference to the bank's message.
“The bank, which demonstrated positive development dynamics over the past two years, successfully completed the year 2018,” the report said. “Measures to improve profitability, optimize costs and improve service quality further strengthened the bank’s capital adequacy indicators. Thus, the total capital of IBA reached 982 million manats at the end of 2018, and the capital adequacy ratio increased from 17 to 32 percent.”
As of the end of the reporting period, the bank’s loan portfolio increased by more than 8 percent and amounted to 1.9 billion manats. Large corporate clients, small and medium-sized businesses received loans and guarantees worth about 500 million manats from the bank.
The events implemented to improve the efficiency of activity also had a positive impact on the profitability of the bank. The IBA completed 2018 with a net profit of 425.8 million manats. Net profit received from the bank’s operating activities amounted to about 200 million manats, minus the results of financial operations conducted in previous years by the state as part of the measures for the bank’s recovery.
Abbas Ibrahimov, chairman of the Board of the IBA, noted that the bank continues to implement processes aimed at renewal and development.
“Being a modern state bank, we are trying to support various sectors of the economy,” he said. “The IBA always made a special contribution to the development of cashless payments and innovative payment services in Azerbaijan, and we aim to further expand our activities in this direction by providing new products and services. At the same time, we will continue providing support to large corporate customers, small and medium-sized businesses in the successful implementation of their projects.”
(1.7 manats = 1 USD on Jan. 29)