Total assets of Azerbaijan's Nakhchivan Bank grow
BAKU, Azerbaijan, Aug. 10
By Eldar Janashvili - Trend:
The total assets of Azerbaijan’s Nakhchivan Bank grew by 12 percent in the first half of 2020, compared to the same period of 2019, Trend reports citing the bank's balance sheet.
According to the report, the bank’s total assets rose by 26.1 million manat ($15.3 million) over the year, to 241 million manat ($141.7 million). Some 24.7 million manat ($14.5 million) of the assets accounted for foreign currency, which makes 10.2 percent of all assets.
In the structure of assets, the largest share (44.1 percent) belongs to the loan portfolio in the amount of 106.7 million manat ($62.7 million), which increased by 41.3 percent. The deduction of target reserves from the portfolio for ensuring possible losses made up 1.7 million manat ($1 million), showing an annual increase of 44.6 percent.
Cash and cash equivalents accounted for about 9 percent of total assets. Their volume increased by almost 46 percent, from 14.9 million manat ($8.7 million) to 21.7 million manat ($12.7 million), and the share of foreign currency amounted to 26.9 percent or 5.8 million manat ($3.4 million).
Deposits in banks and other financial institutions amounted to 25.6 million manat ($15.6 million), an increase of 13.7 percent.
In the structure of long-term assets, unused real estate amounted to 1.7 million manat ($1 million), increasing by 13.3 percent on an annualized basis. Other assets amounted to 815,000 manat ($479.4 million).
(1 USD = 1.7 manat on Aug. 10)
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