IBA records assets jump
By Amina Nazarli
The International Bank of Azerbaijan -- a major state-owned bank holding at least 40 percent of all bank assets in the country - announced that its assets increased by 25.2 percent during the year and reached 8.04 bln manats as of July 1, 2014.
IBA's loan portfolio increased 23.4 percent compared to July 1, 2013 and amounted to 5.522 bln manats by 1 July 2014. The loans given to individuals reached 588.6 million manats. Retail deposits in the Bank by the end of the second quarter of 2014 amounted to 1.543 bln manats. Their growth compared to July 1, 2013 made up 5.1 percent.
IBA`s total capital reached 989.1 million manats that is by 29.2 percent more than by 1 July 2013. The authorized capital of the IBA reached 563.3 million manats. First half year 2014 the Bank's revenues made 330.2 million manats . IBA`s net profit, according to data by 1 July 2014, amounted to 29.7 million manats .
The number of active cards issued by the IBA by 1 July 2014 amounted to 2,035,532. The bank runs 709 cash machines and 7,399 POS-terminals.
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.