BAKU, Azerbaijan, Aug.25
By Eldar Janashvili – Trend:
The total liabilities of Azerbaijan's Xalq Bank, one of the leading corporative banks in the country decreased by 0.9 percent in the first 7 months of 2020, compared to the same period of the previous year, Trend reports referring to the bank’s balance sheet.
According to the sheet, total liabilities decreased by 28.8 million manats ($16.9 million) dropping to 1.7 billion ($1 billion).
Deposits made up the majority of liabilities(82.3 percent), the volume of which increased up to 1.4 billion manats ($820 million), of which 78 percent were accounted for foreign currency with the share rising by 4.5 percent.
The liabilities to the Central Bank of Azerbaijan, state funds, credit, and financial organizations amounted to nearly 52.3 million manats ($30.7 million), decreasing by 27.5 percent on an annualized basis. The deposits of banks and other financial institutions were slightly less than 55.5 million manats or $32.6 million (up 15.6 percent), of which foreign currency made up 44 percent. Other liabilities comprised 14.2 million manats or $8.3 million (2.6 million manats or $1.5 million in the foreign currency).
The bank's equity for the year increased by 8 percent and amounted to 414.1 million manats ($243.5 million). The total reserves were 18.4 million manats ($10.8 million), the report said.
The bank’s total capital amounted to 432.6 million manats ($254.4 million) from January through July 2020 against 402 million manats ($236.4 million) in the same period of 2019.
Xalq Bank has been operating in Azerbaijan since 2004.
(1 USD = 1.7 AZN on Aug.25)
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