About 70% of Azerbaijan’s AtaBank assets presented in local currency

Baku, Azerbaijan, Oct. 18

By Eldar Janashvili - Trend:

Following the third quarter of 2019, total assets of Azerbaijan’s AtaBank decreased by 8.4 percent compared to the beginning of the year, Trend reports referring to the bank’s balance sheet on Oct. 18.

The bank’s total assets decreased by 49.036 million manat ($28.904 million) to 532.074 million manat ($313.631 million). Reduction of slightly less than 30 percent of assets accounted for foreign currency, in the equivalent of 155.185 million manat ($91.474 million).

The main share in the structure of assets (70.4 percent) is held by the loan portfolio, the volume of which decreased by 12.5 percent to 374.712 million manat ($220.874 million). Of these, 134.962 million manat ($79.553 million, or 36 percent) are presented in foreign currency. The deduction of target reserves from the portfolio to ensure possible losses from loans amounted to 33.247 million manat ($19.597 million), decreasing by 22 percent compared to the end of December 2018.

The volume of cash decreased almost threefold, reaching 3.031 million manat ($1.786 million). Most of the cash (57.2 percent) is presented in foreign currency – an equivalent of 2.863 million manat ($1.687 million).

The correspondent accounts in Azerbaijan’s Central Bank amounted to 1.402 million manat ($826,411), which is four times less than in the same period last year. A little more than 60 percent accounted for foreign currency – an equivalent of 863,000 manat ($508,696).

Nostro accounts totaled 198,000 manat ($116,711), which is 15 times less than at the end of 2018. From deposits in banks and financial institutions in the amount of 10.035 million manat ($8.862 million) at the beginning of the year, as of Oct. 1, only deposits in non-resident financial institutions in the amount of 2.215 million manat ($1.305 million) remained.

Accounts receivable from operations with banks and other financial investments amounted to 8.275 million manat ($4.877 million), decreasing by 2.2 percent. The volume of investments in securities fully denominated in the national currency amounted to 15 million manat ($8.841 million), remaining unchanged from the beginning of the year.

Fixed assets increased by 1.7 percent in the structure of long-term assets, amounting to 70.363 million manat ($41.475 million). At the same time, about 82 percent of fixed assets accounted for real estate under construction - in the amount of 57.57 million manat ($33.934 million, or a decrease of 12.1 percent).

Intangible assets after deduction of depreciation increased by 9.8 percent, amounting to 1.055 million manat ($621,871). Other assets amounted to 85.441 million manat ($50.363 million).

($1 = 1.7 manat on Oct. 18)


Follow the author on Twitter: @eldarjanashvili

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