Assets of Iranian bank’s Baku branch grow almost 10%

Finance Materials 9 April 2019 20:51 (UTC +04:00)

Baku, Azerbaijan, April 9

By Kheyraddin Nasirzade - Trend:

The assets of the Baku branch of Bank Melli Iran increased by 9.89 percent to 110.44 million manats in 2018, Trend reports with reference to the bank’s report audited by the company Best Audit.

In the structure of assets, an increase is observed in cash by 14.17 percent, up to 59.68 million manats. The funds to be received from banks and other financial institutions amount to 2.5 million manats.

The loan portfolio of the bank increased over the year by 6.6 percent, reaching 3.5 million manats. Investments in securities increased by 12.2 percent and reached 20.61 million manats. Investments in real estate and equipment amounted to 3.5 million manats. Intangible and other assets of the bank amounted to 20.6 million manats.

The bank’s liabilities increased by 15.77 percent, reaching 57.29 million manats. In the structure of liabilities, debts to banks and other financial institutions increased by 9.8 percent, reaching 30.91 million manats. The amount of funds in client accounts increased over the year more than three times, reaching 8.46 million manats. The bank’s subordinated debt decreased by 4.13 percent to 17.5 million manats.

The bank’s capital also increased. If in 2017, it amounted to 51.01 million manats, last year the capital increased by 4.2 percent, to 53.15 million manats.

In addition, the bank’s net profit for the year decreased by 69.1 percent, reaching 2.14 million manats. In 2017, the bank’s net profit amounted to 6.92 million manats.

Bank Melli Iran has been operating in Azerbaijan since 1993.

(1.7 manats = 1 USD on April 9)


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