Int’l Bank of Azerbaijan increases assets by over 11%
Baku, Azerbaijan, July 23
By Kheyraddin Nasirzade - Trend:
By the end of the second quarter of this year, the International Bank of Azerbaijan (IBA) increased the volume of total assets by 11.5 percent compared to the same period last year, Trend reports with reference to the financial report of the bank.
The bank’s total assets amounted to 8.487 billion manats at the end of June, which is by 872.173 million manats more than last year.
In the structure of assets, the main share (about 35 percent) accounted for deposits in other banks, the volume of which, during the reporting period, decreased by 15.4 percent and amounted to 2.951 billion manats.
The volume of cash, their equivalents and other liquid assets in the first half of this year almost doubled, reaching 2.134 billion manats. The loan portfolio, after deducting the target reserves in the amount of 230.614 million manats, amounted to 1.786 billion manats, which is almost 27 percent more than last year’s figure.
During the reporting period, the bank increased investments in securities by 7.4 percent to 1.191 billion manats.
In the first six months of this year, the bank’s liabilities also increased. The bank’s total liabilities as of July 1 this year increased by 9.2 percent (590.779 million manats), amounting to 7.017 billion manats.
The main share (about 48 percent) in the structure of liabilities accounts for demand deposits of legal entities, the volume of which increased by almost 38 percent, amounting to 3.354 billion manats. The remaining deposits of legal entities and individuals in total decreased by 6.6 percent, reaching 1.27 billion manats.
Debts to other banks and financial institutions during the reporting period decreased by 6 times and amounted to 345.08 million manats.
The bank also issued securities worth 1.7 billion manats in the reporting period.
The bank’s own capital for the reporting period increased by 23.7 percent, amounting to 1.469 billion manats. Share capital together with retained earnings increased by 20.4 percent to 1.372 billion manats. Capital reserves almost doubled, reaching 97.312 million manats.
($1= 1.7 manats on July 23)