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Deposits of individuals in Azerbaijan's MuganBank grow in 1H2020

Finance Materials 29 July 2020 17:50
Deposits of individuals in Azerbaijan's MuganBank grow in 1H2020

BAKU, Azerbaijan, July 29

By Eldar Janashvili - Trend:

Azerbaijan’s MuganBank OJSC decreased its total liabilities by 11.9 percent in the first half of 2020 compared to the late 2019, Trend reports citing the bank’s balance sheet.

According to the sheet, the total liabilities dropped by 68.1 million manat ($40 million) up to 505.7 million manat ($297.4 million).

In the structure of liabilities, a significant share (46.5 percent) accounted for deposits, which dropped by 29.7 percent from the early 2020 up to 235.4 million manat ($138.4 million).

Meanwhile, most (nearly 81.5 percent) of the deposits accounted for those ones of individuals, which rose by 19.8 percent on semi-annualized basis to 191.8 million manat ($112.8 million). The deposits of legal persons amounted to slightly over 43.5 million manat ($25.5 million), falling by more than twice.

Liabilities to the Central Bank of Azerbaijan, state funds, credit organizations and other financial institutions made up nearly 256.8 million manat ($151 million), increasing by 11.2 percent since the early 2020. The amount of current and deferred tax liabilities amounted to almost 1.5 million manat ($880,000). Other liabilities amounted to 12 million manat ($7 million).

According to the sheet, the bank’s share capital did not change from the early 2020 and remained equal to 102.5 million manat ($60.2 million). The bank’s uncovered loss amounted to 26.3 million manat ($15.4 million). Total reserves made up 9.8 million manat ($5.7 million), thus showing a growth of 10.5 percent.

Total capital of the bank in the first half of this year amounted to 86.1 million manat ($50.6 million) against 87 million manat ($51.1 million) in the late 2019.

(1 USD = 1.7 manat on July 29)

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Follow the author on Twitter: @eldarjanashvili

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