Azerbaijan’s top bank ups authorized capital

The Azerbaijani State Securities Committee registered the issue prospectus of ordinary registered shares of International Bank of Azerbaijan in the amount of more than one hundred million manat, the committee said March 12.

Around 370,370,371 shares at par value of 0.27 manat will be issued as part of the issue.

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 International Bank of Azerbaijan (IBA) was founded in January 1992. The IBA is the largest bank in the country. The bank’s main shareholder is the Azerbaijani government, which owns a 50.2 percent stake, while 49.8 percent of the shares are owned by private shareholders.