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Azerbaijan Industry Bank’s total assets down in 2020

Finance Materials 21 January 2021 15:22
Azerbaijan Industry Bank’s total assets down in 2020

BAKU, Azerbaijan, Jan. 21

By Zeyni Jafarov - Trend:

Azerbaijan Industry Bank’s (ASB) volume of total assets decreased by 7.5 percent as of 2020 compared to 2019, Trend reports with reference to the balance sheet of the bank.

In accordance with the report, total assets amounted to 911.5 million manat ($536.2 million) as of 2020, which is by 73.6 million manat ($43.3 million) less than in 2019.

In the structure of assets, the main share accounts for the deposits in banks and other financial institutions (48.7 percent), the volume of which decreased by 18.3 percent, amounting to 444 million manat ($261.2 million).

Some 34.8 percent in the structure of assets accounts for the loan portfolio in the amount of 317 million manat ($186.5 million), which decreased by 4.3 percent.

The deduction of target reserves from the portfolio to ensure possible losses amounted to 6.2 million manat ($3.6 million), almost unchanged on an annual basis.

More than 10.8 percent of assets accounted for nostro accounts in the amount of 98.3 million manat ($57.8 million), which increased by 1.7 times for the year. Correspondent accounts in the Central Bank of Azerbaijan are estimated at 25.8 million manat ($15.2 million), which is by 5.7 percent more than in 2019.

Cash and cash equivalents account for more than 1.4 percent of total assets. The volume decreased by 23.8 percent up to 13.06 million manat ($7.7 million) per annum.

In the structure of long-term assets, intangible assets decreased by 7.1 percent, amounting to 2.6 million manat ($1.5 million). Other assets of the bank as of 2020 are estimated at 12.8 million manat ($7.5 million).

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