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International Bank of Azerbaijan’s assets decrease

Finance Materials 23 April 2020 20:58 (UTC +04:00)
International Bank of Azerbaijan’s assets decrease

BAKU, Azerbaijan, April 23

By Eldar Janashvili - Trend:

As of the end of the first quarter of 2020, the International Bank of Azerbaijan’s (IBA) total assets decreased by 3.7 percent compared to the first quarter of 2019, Trend reports on April 23 referring to the bank’s balance sheet.

In accordance with the report, total assets decreased for the year by 342.4 million manat ($201.4 million) up to 8.9 billion manat ($5.2 billion).

The biggest share (35.8 percent) in the structure of assets accounted for the deposits in the banks in the amount of 3.2 billion manat that’s $1.9 billion (a decrease of 1.1 percent). The second biggest share (27.6 percent) accounted for the loan portfolio in the amount of 2.4 billion manat ($1.4 billion), an increase of 2.8 percent.

More than half of the IBA's loan portfolio accounted for business loans in the amount of 1.2 billion manat that’s $705.9 million (a decrease of 0.2 percent). About 22.7 percent accounted for consumer loans in the amount of 552.8 million manat that’s $325.2 million (an increase of 8.7 percent). A little more than a quarter - 26 percent accounted for the mortgage loans in the amount of 634.6 million manat that’s $373.3 million (an increase of 3.2 percent).

The deduction of target reserves from the portfolio for ensuring possible losses amounted to 238.7 million manat ($140.4 million), an increase of 7.6 percent compared to late March 2019.

During the reporting period, the bank issued the loans to the banks and other financial institutions in the amount of 10.7 million manat ($6.3 million), which is almost 4.5 times more on an annualized basis.

Some 26.3 percent of total assets accounted for cash and cash equivalents. The volume decreased by 15.8 percent to 2.3 billion manat ($1.3 billion).

At the same time, investments in securities increased by 3.8 percent up to 902.9 million manat ($531.1 million).

In the structure of long-term assets, unused real estate amounted to 159.1 million manat ($93.6 million), almost unchanged for the year. Intangible assets decreased by 2.3 percent, amounting to 14.7 million manat ($8.6 million). Other assets amounted to 213.2 million manat ($125.4 million).

(1 USD = 1.7 AZN on April 23)

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