Net profit of International Bank of Azerbaijan up over 21%

The International Bank of Azerbaijan OJSC (IBA) completed the first quarter of this year with a net profit of 39.218 million manats, Report informs referring to the bank’s financial statements.

This is 21.1% more than in the same period last year.

In January-March, IBA income amounted to 149.693 million manats (9.9% more), expenses - 75.609 million manats (4.5% more), deductions for the creation of special reserves - 25.896 million manats (15% more), payments on income tax - 8.97 million manat (0.3% less).

As of April 1 this year, IBA assets amounted to 11.649 billion manats, which is 27.2% more than a year ago. Of these, 3.019 billion manats are net loans issued to customers. Over the past year, the bank’s loan portfolio has grown by 25.5%.

During the reporting period, IBA liabilities increased by 30.6% to 10.173 billion manats, including the deposit portfolio increased by 55% to 8.837 billion manats, and balance capital by 8% to 1.476 billion manats.

The IBA was established in 1992. Its authorized capital is 1.241 billion manats. Some 91.4% of the bank's shares are owned by the Ministry of Finance, 3.76% - by the State Property Service under the Ministry of Economy, 0.23% - by the non-banking credit organization Agrarcredit CJSC, 4.61% - by individuals and legal entities.