Assets of Iranian bank in Baku drop

Finance Materials 17 January 2020 14:22 (UTC +04:00)
Assets of Iranian bank in Baku drop

BAKU, Azerbaijan, Jan. 17

By Eldar Janashvili – Trend:

The total assets of the branch of Bank Melli Iran in Baku dropped by 10.6 percent or by 11.7 million manat ($6.8 million) from January through December 2019 compared to the same period of 2018, amounting to 98.7 million manat ($58 million), Trend reports referring to the bank.

Over 60 percent of the assets are in cash and correspondent accounts of other banks, the total volume of which remained almost unchanged at 59.6 million manat ($35 million) at an annual rate. The volume of investments and securities increased by 11.1 percent and amounted to 22.8 million manat ($13.4 million), exceeding the preceding year.

The volume of the loan portfolio of this bank increased by almost 17 percent, and amounted to 4.2 million manat ($2.4 million). The forecast funds from financial institutions amounted to 3.7 million manat ($2.1 million), which is about 1.5 times more compared to 2018.

A significant part of long-term assets accounted for unused real estate, which dropped by 2.7 percent amounting to 3.4 million manat ($2 million).

(1 USD = 1.7 AZN on Jan. 17)


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