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Total assets of Bank of Baku increase

Finance Materials 24 October 2020 10:12 (UTC +04:00)
Total assets of Bank of Baku increase

BAKU, Azerbaijan, Oct. 24

By Zeyni Jafarov – Trend:

Following the results of the third quarter of this year, Bank of Baku increased its total assets by 32.2 percent compared to the same indicator of the previous year, Trend reports with reference to the bank's balance sheet.

According to the report, total assets increased by 96.1 million manat ($56.5 million) over the year, to 394.2 million manat ($231.8 million). In the structure of assets, the largest share (93 percent) belongs to the loan portfolio in the amount of 366.5 million manat ($215.5 million), which increased by 15.9 percent.

Most of the loan portfolio of Bank of Baku (70.8 percent) fell on consumer loans in the amount of 259.6 million manat ($152.7 million), which increased by 16.8 percent. About 26 percent are business loans in the amount of 94.8 million manat ($55.7 million), which increased by 12.6 percent on an annualized basis. About 3.3 percent of the loan portfolio fell on real estate loans in the amount of 12.1 million manat ($7.1 million) (an increase of 34.3 percent). The deduction of target reserves to ensure possible losses amounted to 121.5 million manat ($71.4 million), decreasing by 0.5 percent compared to the same period last year.

Cash and cash equivalents account for another 22.3 percent of total assets. Their volume increased by 56.2 million manat ($33.05 million). Investments in securities amounted to 26.5 million manat ($15.5 million), which is 3.4 percent more than the same period last year.

Deposits in banks and other financial institutions (FI) amounted to 1.55 million manat ($911,764), having decreased by more than 10 times. Loans to banks and FI amounted to 841,000 manat ($494,705).

In the structure of long-term assets, intangible assets amounted to 713,000 manat ($419,411) against 893,600 manat ($525,647) in the same period last year. The rest of the assets amounted to 19.7 million manat ($11.5 million).

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