Azerbaijan's AFB Bank increases volume of consumer loans

Finance Materials 1 February 2020 14:58 (UTC +04:00)
Azerbaijan's AFB Bank increases volume of consumer loans

BAKU, Azerbaijan, Feb.1

By Eldar Janashvili - Trend:

The total assets of the Azerbaijani corporate bank AFB Bank increased by 37.6 percent or about 157 million manat ($92.3 million) in 2019 compared to 2018, reaching 574.7 million manat ($338 million), Trend reports referring to the bank’s balance sheet.

The main share in the structure of assets accounted for the loan portfolio (63.7 percent), the volume of which almost doubled and reached 365.8 million manat ($215.1 million). At the same time, four fifths of the total loan portfolio accounted for business loans, the total amount of which increased by 35.1 percent, amounting to 291.3 million manat ($171.3 million). In 2019, consumer loans amounted to 33.6 million manat ($19.7 million), the volume of which increased by 76.5 percent compared to 2018.

Meanwhile, real estate loans increased by 9.9 percent, and amounted to 40.9 million manat ($24 million), or less than 12 percent of the total loan portfolio. The deduction of target reserves from the portfolio for ensuring possible losses from loans amounted to a little more than 43.5 million manat ($25.5 million), increasing by 3 percent.

The net volume of issued loans increased by 16.3 percent in 2019, and amounted to 322.3 million manat ($189.5 million).

The bank’s cash and cash equivalents dropped by 46.6 percent, amounting to 75.3 million manat ($44.2 million). Investments in securities increased 1.5 times and amounted to about 125.3 million manat ($73.7 million).

The volume of deposits in banks and other financial institutions (FI) amounted to 3.4 million manat ($2 million).

In 2019, the structure of long-term assets, real estate and equipment increased by 58.1 percent compared to 2018, and amounted to 31.3 million manat ($18.4 million). Intangible assets almost quadrupled, reaching 1.3 million manat ($764,705). Other assets amounted to just over 15.8 million manat ($9.2 million).

(1 USD = 1.7 AZN on Feb. 1)


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