Azerbaijan’s top bank to up its capital

The issue placement of ordinary registered shares of International Bank of Azerbaijan in the amount of more than 100 million manats begins at Baku Stock Exchange as of March 29.

Around 370,370,371 shares at par value of 0.27 manat will be available as part of the issue, according to the BSE. The placement underwriter is International Transaction System LLC. The placement of shares will be completed June 11, 2015.

Validity period of preemptive right to acquire shares by shareholders is until May 29, 2015.

The company’s share capital will be increased from 590.2 million manat (as of January 1, 2015) to 690.2 million manat following the issue.

As of 2014, IBA assets reached 8.8 billion manat (22.7 percent-annual growth). The loan portfolio increased by 16.6 percent. As of early 2015, it amounted to 5.868 billion manat. The loans delivered to the physical entities amounted to 678.5 million manat. During the year the population’s deposits in banks increased by 117.3 million manat to 1.73 billion manat. The bank’s income amounted to 585.8 million manat. IBA net profit was 64.5 million manat as of 2014.

The Baku-based IBA is a universal bank with subsidiary banks in Russia, Georgia and Qatar, as well as representative offices in London, Frankfurt, Luxembourg, Dubai and New York. The bank, 50.2-percent owned by the Azerbaijani Ministry of Finance, holds over 40 percent of banking assets in the country.

The IBA‘s reported consolidated total assets of 8.8 billion manats, aggregate capital of 1.008 billion manats and net profit of 64.5 million under audited IFRS as at year-end 2014.

SOURCE: Azer News