Assets of Iranian bank's branch in Baku drop

Finance Materials 9 January 2021 19:16 (UTC +04:00)
Assets of Iranian bank's branch in Baku drop

BAKU, Azerbaijan, Jan.9

By Zeyni Jafarov – Trend:

The total assets of the state-owned Iranian Bank Melli's branch in Azerbaijan decreased by 5.1 percent in 2020 compared to 2019, Trend reports citing the bank's balance sheet.

According to the report, the total assets of the bank decreased to 5.02 million manat ($2.95 million), amounting to 93.7 million manat ($55.1 million).

In the structure of assets, a significant part (59.1 percent) is occupied by cash and correspondent accounts of other banks, the total volume of which decreased by 4.28 million manat ($2.51 million) or 7.2 percent on an annualized basis. The volume of investments in securities amounted to 22.4 million manat ($13.1 million), practically unchanged compared to 2019.

At the same time, the Iranian bank's loan portfolio grew by almost 25 percent, reaching 5.22 million manat ($3.07 million). Expected funds from financial institutions amounted to 2.3 million manat ($1.35), which is about 39.2 percent less than in 2019.

In the structure of long-term assets, a significant part in the amount of 3.33 million manat ($1.95 million) fell on unused real estate, decreasing by 2.2 percent over the year. Intangible assets after deducting depreciation increased almost twice, reaching 157,500 manat ($92,647). Other assets amounted to 4.86 million manat ($2.85 million).

Bank Melli Iran's branch has been operating in Azerbaijan since 1993.

(1 USD = 1.7 manat on Jan. 9)


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