Major Azerbaijani bank completes 1Q19 with losses

Finance Materials 2 May 2019 19:34 (UTC +04:00)

Baku, Azerbaijan, May 2

By Kheyraddin Nasirzade - Trend:

Azerbaijan’s AccessBank completed the first quarter of 2019 with losses of 74.6 million manats, Trend reports with reference to the bank’s financial report May 2.

In the first quarter last year, the bank’s losses amounted to 8.6 million manats.

The bank’s total assets as of March 31 this year decreased by 3 percent to 800.1 million manats compared to the same period last year, according to the report.

The bank’s cash decreased by 46.4 percent to 40.2 million manats. The balances on correspondent accounts in the Central Bank of Azerbaijan (CBA) amounted to slightly more than 50 million manats, which is 27.7 percent less than in the same period last year. Funds on “nostro” accounts amounted to 28.6 million manats. During the reporting period, the bank also placed deposits worth 71.1 million manats in other financial institutions.

Investments in securities decreased by more than three times, amounting to about 4.7 million manats. The loan portfolio decreased by 4.1 percent to 470.8 million manats. The volume of used fixed assets of the bank minus depreciation amounted to 31.8 million manats, which is 9.6 percent less than in the same period last year.

The total liabilities of the bank decreased by 8.2 percent to 702.4 million manats. In the structure of liabilities, the value of customer deposits increased by 33.1 percent, reaching 570.1 million manats. The volume of deposits of other banks and financial institutions amounted to 36.4 million manats, which is 6.8 percent more than in the same period last year.

Debts in the form of loans taken from other financial institutions (except banks) decreased by almost 3.9 times, reaching 55.3 million manats. Subordinated loans and other similar promissory notes issued by the bank decreased by 2.9 times, reaching 21.9 million manats.

The bank’s share capital is 258.7 million manats.

(1.7 manats = 1 USD on May 2)