IBA assets jump by 23 percent

By: Aynur Jafarova

The assets of the International Bank of Azerbaijan (IBA) increased by 22.8 percent and reached 7.648 billon manats as of April 1, 2014.

The bank reported that its loan portfolio has increased by 28.2 percent compared to April 1, 2013 and amounted to 5.155 billion manats.

Loans allocated to individuals reached 557.2 million manats in the reported period.

Retail deposits in the bank amounted to 1.542 billion manats by the end of the first quarter of 2014.

IBA’s total capital reached 950.6 million manats that is by 27.1 percent more than the same period of 2013. The authorized capital of the IBA reached 499.8 million manats. The bank’s revenues made 143.97 million manats in the first quarter of 2014.

IBA’s net profit amounted to 12.3 million manats by April 1.

The number of active cards issued by the IBA by April 1, amounted to over 2 million.

The IBA, established in 1992 as a successor of the Azerbaijani branch of Vnesheconombank, holds a leading position in the domestic banking sector. The main shareholder of the bank is the Azerbaijani government, which holds a 50.2 percent stake, and 49.8 percent is owned by private individuals and legal entities.

The bank runs 697 cash machines and 5,123 POS-terminals.