Azerbaijani AGBank’s assets in 1Q2020 grow

Finance Materials 27 April 2020 17:22 (UTC +04:00)
Azerbaijani AGBank’s assets in 1Q2020 grow

Baku, Azerbaijan, Apr. 27

By Eldar Janashvili – Trend:

The Azerbaijani AGBank’s total assets increased by 9.9 percent in the first quarter of 2020 compared to the same period of 2019, Trend reports referring to the bank’s balance sheet.

According to the bank's balance sheet, the total assets increased by nearly 4.5 million manat ($2.6 million) up to 459 million manat ($270 million).

More than a half (52.5 percent) of the assets accounted for the loan portfolio, the volume of which increased by 8 percent up to 240.9 million manat ($141.7 million).

The major part (60.8 percent) of the bank’s loan portfolio accounted for business loans in the amount of 146.6 million manat ($86.2 million), the share of which grew by 14.8 percent.

As reported, 9.2 percent are consumer loans in the amount of 22.6 million manat ($13.2 million), the annual share of which remained almost unchanged. Almost 3 percent of the loan portfolio accounted for mortgage loans in the amount of 71.7 million manat, or $42.1 million (a decrease of 1 percent).

The target reserves deducted from the portfolio to ensure possible losses from loans amounted to 30.5 million manat ($17.9 million), decreasing by 2.4 percent in the end of March 2020 compared to the end of March 2019.

Some 5.7 percent of the assets volume account for cash and its equivalents. Their volume decreased by almost half – from 41 million ($24.1 million) to 26 million manat ($15.2 million).

Deposits with banks and other financial institutions amounted to 12.8 million manat ($7.5 million).

The annual share of non-used real estate property remained almost unchanged in the structure of long-term assets, standing at 117.1 million manat ($68.8 million).

Intangible assets decreased by 7.1 percent to make up 2.6 million manat ($1.5 million) compared to 2.8 million manat ($1.6 million) in the same period of last year. Other assets amounted to 90.3 million manat ($53.1 million).

AGBank has been operating in Azerbaijan since 1992.

($1 = 1.7 manat on Apr.27)


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