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Int'l Bank of Azerbaijan records decline in total assets

Finance Materials 20 July 2020 18:10
Int'l Bank of Azerbaijan records decline in total assets

BAKU, Azerbaijan, July 20

By Fidan Babayeva - Trend:

Total assets of the International Bank of Azerbaijan (IBA) decreased by 0.1 percent as of the end of the second quarter of 2020, compared to the same period in 2019, Trend reports referring to the bank’s financial statement.

According to the statement, as of late June 2020, total assets made up 8.4 billion manat ($4.9 billion), which is 10 million manat ($5.8 million) less than the previous indicator of last year.

The biggest share (about 33 percent) in the structure of assets accounted for the deposits worth 2.8 billion manat that’s $1.6 billion (a decrease of 2.3 percent) in other banks.

The volume of cash, their equivalents and other liquid assets in the first half of this year slipped by 6.8 percent to 1.9 billion manat ($1.1 billion).

The bank’s investments in securities decreased by 12.8 percent to 1 billion manat ($588 million).

In the first half of this year, the bank’s liabilities grew. The bank’s total liabilities as of July 1 increased by 0.003 percent or 3 million manat ($1.7 million), amounting to 7 billion manat ($4.1 billion).

The main share (about 51 percent) in the structure of liabilities accounted for demand deposits of legal entities, the volume of which increased by almost 7.3 percent, amounting to 3.5 billion manat ($2 billion). The remaining deposits of legal entities and individuals in total rose by 6.7 percent up to almost 1.2 billion manat ($700 million).

Debts to other banks and financial institutions during the reporting period decreased by 15 percent and amounted to 299.9 million manat ($176.4 million).

The bank’s own capital for the reporting period declined by 0.8 percent, amounting to 1.45 billion manat ($850 million). Share capital together with retained earnings went down by 12 percent to 1.2 billion manat ($710 million).

(1 USD = 1.7 AZN on July 20)

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