IBA gets hefty profits in ‘09
The International Bank of Azerbaijan (IBA), the country’s
leading bank, received income worth 421.5 million manats ($526.8
million) in 2009. After-tax net profit made up 88.1m manats
($110.1m), the IBA spokesman, Rauf Aghayev told AssA-Irada.
The bank’s expenses made up $336.2m last year, while its assets
exceeded $6.25 billion, excluding hedge funds slated for potential
damages.
According to Aghayev, IBA’s gross capital constituted $623.6m as of
the end of 2009. The bank’s capital stock is currently at the level
of $300m.
He noted that the IBA is deemed by citizens as the most reliable
bank in the country. According to him, the population’s deposits in
the IBA total $667.2m, with term deposits accounting for $463.5m of
the amount. The bank’s overall deposit portfolio has exceeded
$2.5bn.*
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