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Big Azerbaijani bank’s volume of total assets down

Finance Materials 20 January 2021 09:01
Big Azerbaijani bank’s volume of total assets down

BAKU, Azerbaijan, Jan. 19

By Zeyni Jafarov - Trend:

The International Bank of Azerbaijan’s (IBA) volume of total assets decreased by 2.8 percent as of late 2020 compared to late 2019, Trend reports citing the bank's financial report.

In accordance with the report, total assets at the end of 2020 amounted to 8.9 billion manat ($5.2 billion), which is 260.5 million manat ($153.2 million) less than in 2019.

In the structure of assets, the biggest share (29.1 percent) accounted for the loan portfolio in the amount of 2.6 billion manat ($1.5 billion), which increased by 9.9 percent for the year. More than half of the IBA loan portfolio accounted for business loans in the amount of 1.3 billion manat that’s $764 million (an increase of 5.8 percent).

About 23 percent accounted for consumer loans in the amount of 600 million manat that’s $352 million (an increase of 18 percent on an annualized basis). Some 26.2 percent accounted for mortgage loans in the amount of 685.8 million manat which’s $403.4 million (an increase of 11.5 percent).

Cash and cash equivalents account for 28 percent of total assets. The volume decreased by nine percent to 2.5 billion manat ($1.5 billion).

IBA's deposits in banks and other financial institutions in 2020 are estimated at 2.5 billion manat which’s $1.5 billion (a decrease of 22.75 percent for the year).

The deduction of target reserves from the portfolio to ensure possible losses amounted to 242.9 million manat ($142.9 million), an increase of 9.5 percent compared to late 2019. During the reporting period, the International Bank of Azerbaijan issued loans to the banks and other financial institutions in the amount of 7.8 million manat ($4.6 million), which is 22.4 percent more on an annualized basis.

In the structure of total assets, investments in securities increased by 45.8 percent to 1.3 billion manat ($764 million). Unused real estate amounted to 166 million manat ($97.6 million). Intangible assets increased by 19.4 percent, amounting to 17.9 million manat ($10.5 million). Other assets are estimated at 258.8 million manat ($152.2 million).

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