IBA sees AZN 32M net profit in Q1

International Bank of Azerbaijan (IBA) ended the first quarter of 2021 with AZN 32.395 million in net profit, while it amounted to AZN 51.049 million in the same period in 2020.

During the reporting period, the incomes dropped 2% to AZN 136.233 million, expenditures grew by 14.1% to AZN 72.324 million, allocations for special reserves fell by 8.4% to AZN 22.514 million, profit tax made up AZN 9 million (no profit tax was paid in the same period of 2020).

As of April 1, 201, the assets stood at AZN 9,155,625,000, up 3.1W% from a year earlier. Of this, AZN 2,405,885,000 was net loans given to customers. The loan portfolio extended by 9.5% year-on-year.

The liabilities surged 4.1% to AZN 7,788,981,000, deposit portfolio ascended 6.6% to AZN 5,703,151,000, net worth dropped 2.5% to AZN 1,366,644,000.

IBA was established in 1992. Its authorized capital is AZN 1,241,287,000.