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Azerbaijan's Xalq Bank increases total assets

Finance Materials 4 May 2020 19:05 (UTC +04:00)
Azerbaijan's Xalq Bank increases total assets

BAKU, Azerbaijan, May 4

By Eldar Janashvili – Trend:

Total assets of the Azerbaijani Xalq Bank increased by 3.1 percent as of April 1, 2020 compared to April 1, 2019, Trend reports referring to the bank’s balance sheet.

According to the balance sheet, the total assets increased by 68.5 million manat ($40.2 million), reaching 2.2 billion manat ($1.3 billion). Some 1.4 billion manat ($850 million) of them fell to assets in foreign currency, making up 63 percent of all assets.

The largest share (72.9 percent) in the structure of assets fell to the loan portfolio in the amount of 1.6 billion manat ($980 million), an increase of 8 percent. At the same time, one fifth part of the portfolio (20.8 percent) accounted for loans in foreign currency in the amount of 338.1 million manat ($198.9 million), which is decrease by 3.2 times.

The target reserves deducted from the portfolio to ensure possible losses from loans amounted to 32.6 million manat ($19.2 million), increasing by 5.3 percent compared to April 1, 2019. The share of foreign currency amounted to almost 57 percent, making up 18.6 million manat ($10.9 million).

Some 3.2 percent of the total assets account for cash and its equivalents. Their volume increased by almost 48 percent – from 50 million ($29.4 million) to 73.8 million manat ($43.4 million), and the share in foreign currency made up 62.6 percent – 46.2 million manat ($27.1 million).

Deposits with banks and other financial institutions amounted to 26 million manat ($15.2 million), rising by 13.7 percent. At the same time, 28 percent of the deposits fell to foreign currency – 72.8 million manat ($42.8 million)

The annual share of non-used real estate property in the structure of long-term assets made up 20.2 million manat ($11.9 million), a decrease by half on annualized basis.

Intangible assets increased by 43.7 percent to make up 2.05 million manat ($1.2 million) compared to 1.4 million manat ($820,000) in the same period of last year. Other assets amounted to 46.8 million manat ($27.5 million), more than half of which fell to foreign currency – 25.2 million manat ($14.8 million).

Xalq Bank has been operating in Azerbaijan since 2004.

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Follow the author on Twitter: @eldarjanashvili

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