BAKU, Azerbaijan, Aug. 25
By Eldar Janashvili – Trend:
Azerbaijan’s Xalq Bank increased its total assets by 1.6 million manat ($9,412) from January through July 2020 compared to the same period of last year, Trend reports referring to the bank's balance sheet.
In accordance with the balance sheet, total assets grew up to 2.2 billion manat ($1.3 billion) for the year, 1.4 billion manat ($823.5 million) of which (in terms of national currency) accounted for the foreign currency, which reaches 66 percent of all assets.
The biggest share in the structure of assets (72.5 percent) accounted for the loan portfolio worth 1.6 billion manat ($941.2 million). At the same time, most of the bank’s loan portfolio (68.9 percent) accounted for the loans in foreign currency (1.08 billion manat that’s $635.3 million), which decreased by 7.4 percent.
The target reserves worth 34.2 million manat ($20.1 million) were deducted from the portfolio to ensure the possible losses from loans, which was by 18.85 percent more compared to late July 2019. The share of foreign currency amounted to 58.1 percent of all reserves or 19.9 million manat ($11.7 million).
Cash and cash equivalents account for about 0.3 percent of total assets. The volume of cash and cash equivalents increased by almost 12.9 percent from 61 million manat ($35.9 million) to 68.9 million manat ($40.5 million), and the share of foreign currency amounted to 44.7 million manat ($26.3 million).
The deposits in banks and other financial institutions amounted to 20 million manat ($11.8 million), decreasing by 3.8 times. At the same time, 1.3 million manat ($7,647) accounted for the foreign currency.
Some 14.3 million manat ($8.4 million) accounted for unused real estate in the structure of long-term assets (decreasing by twofold in annual terms). The intangible assets increased by 43.7 percent, amounting to 2.1 million manat ($1.2 million) compared to 1.7 million manat ($1 million) in the same period of last year.
Other assets amounted to 42.9 million manat ($25.2 million), more than a half of which accounted for foreign currency - 28.8 million manat ($16.9 million).
(1 USD = 1.7 AZN on Aug. 25)
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