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Georgia's subsidiary of Azerbaijani bank assets grow by one third

Georgia Materials 8 May 2015 18:50 (UTC +04:00)
Assets of Caucasian Development Bank - Georgia (a subsidiary of Azerbaijan Caucasian Development Bank
Georgia's subsidiary of Azerbaijani bank assets grow by one third

Baku, Azerbaijan, May 8

By Azad Hasanli - Trend:

Assets of Caucasian Development Bank - Georgia (a subsidiary of Azerbaijan Caucasian Development Bank JSC) in the first quarter of 2015 amounted to 31.39 million GEL, the National Bank of Georgia told Trend May 8.

The volume of the bank's assets grew by 33.69 percent. By the end of the first quarter of last year, the figure was 23.48 million GEL.

More than 71 percent of the bank's assets are located in the national currency, and the remainder (8.97 million GEL) in foreign currency. 760,700 GEL has been accumulated in cash and cash equivalents, which is by 73.16 percent more than in the first quarter of 2014.

The loan portfolio grew by 57.5 percent and amounted to 13.18 million GEL. For comparison, at the end of March 2014, the figure was 8.37 million GEL. More than half (52.35 percent) of issued loans are loans in national currency (6.9 million GEL), and amount equivalent to 6.28 million GEL was granted by foreign currency loans.

The amount of reserves in the structure of the loan portfolio of the Caucasian Development Bank - Georgia by the end of the first quarter of 2015 amounted to 2.02 million GEL.

The total volume of the bank's liabilities in the reporting period amounted to 11.08 million GEL, and increased by 30.76 percent during the year. The structure of liabilities funds deposited on current accounts grew by 15.4 percent during the year and amounted to 2.4 million GEL. Bank attracted term deposits by 5.82 million GEL, of which 5.8 million GEL fell on deposits in foreign currency and some 20,500 GEL fell on deposits in national currency.

The authorized capital of the Caucasian Development Bank - Georgia was 20.04 million GEL as of the end of the first quarter of 2015. The total capital of the bank amounted to 20.3 million GEL (including 272,450 GEL of retained earnings). Its volume grew by 35.3 percent, for comparison, at the end of the first quarter of 2014, the figure was 15 million GEL.

Net interest income for the first quarter amounted to 445,700 GEL, which is 2.17 times more than what was obtained in the same period of last year (205,500 GEL).

The Bank completed the first quarter with a net profit in the amount of 5,130 GEL.

"Caucasus Development Bank" JSC was founded April 23, 1996 to resolve the issues of acceleration of socio-economic development of the countries of the Caucasus, with the assistance of enterprises, banks, organizations and citizens of Azerbaijan, USA, Germany, Russia and Georgia. Georgian subsidiary bank began working in mid-2006.

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Follow the author on Twitter: @AzadHasanli

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