IBA outlines new goals in five-year growth strategy
The International Bank of Azerbaijan (IBA) is joining effort with
PricewaterhouseCoopers, a leading audit company known worldwide, to
develop a plan of its strategic development for 2010-2015.
As a result of several months of cooperation, the overall state of the domestic market was researched, the IBA’s advantages and disadvantages evaluated, the course of strategic development for the next five years outlined, the most efficient options for implementing the outlined strategic initiatives coordinated, and ways of successfully meeting the new objectives mapped out.
The presentation ceremony of the IBA’s growth strategy, unlike conventional ceremonies, was held away from its office, at the Gazakh Olympic Complex, a facility meeting the highest standards built in Gazakh, one of the country’s most picturesque places.
Briefing attendees on the key goals envisioned in the five-year growth strategy, speakers said that despite its tremendous success, the IBA should not rest on its laurels but, on the contrary, should continue strengthening its positions in the market and invigorate efforts to remove its weaknesses.
IBA’s CFO Rovshan Ismayilov pointed out that the bank possesses the potential required to meet the outlined goals amid growing competition in the market. Passing firm decisions as part of the growth strategy, further application of new technologies and the emphasis placed daily on the aims set forth in the plan -- all this will secure IBA’s further success, Ismayilov said.
International Bank of Azerbaijan - Moscow’s board chairman Fuad Abdullayev noted that his bank was
committed to the three-year strategic development plan that was adopted in late 2007 and has attained considerable success. It is remarkable that the IBA’s Moscow branch has been rated among the top 30 "stress-resistant" banks in Russia that have surmounted the challenges posed by the world financial crisis.
"We have always believed and still adhere to a position that the pillar of any business -- particularly at times of crises -- is clients and partners," the IBA-Moscow board chairman said.
According to the IBA, as of April 1, the bank’s assets made up almost 5.257 billion manats ($6.571 billion), or 59% over the same date of 2009. The bank’s credit portfolio exceeded $4.925bn. Its deposit portfolio made up over $2.48bn (23.5% growth), including more than $501m held by private individuals.
The IBA’s income totaled $108.4m, while expenses made up $84.2m. The bank’s net profit constituted $18.146m in January-March 2010.
As of the end of Q1, IBA’s capital stock stood at $300m, while its gross capital exceeded $590.6m.*
As a result of several months of cooperation, the overall state of the domestic market was researched, the IBA’s advantages and disadvantages evaluated, the course of strategic development for the next five years outlined, the most efficient options for implementing the outlined strategic initiatives coordinated, and ways of successfully meeting the new objectives mapped out.
The presentation ceremony of the IBA’s growth strategy, unlike conventional ceremonies, was held away from its office, at the Gazakh Olympic Complex, a facility meeting the highest standards built in Gazakh, one of the country’s most picturesque places.
Briefing attendees on the key goals envisioned in the five-year growth strategy, speakers said that despite its tremendous success, the IBA should not rest on its laurels but, on the contrary, should continue strengthening its positions in the market and invigorate efforts to remove its weaknesses.
IBA’s CFO Rovshan Ismayilov pointed out that the bank possesses the potential required to meet the outlined goals amid growing competition in the market. Passing firm decisions as part of the growth strategy, further application of new technologies and the emphasis placed daily on the aims set forth in the plan -- all this will secure IBA’s further success, Ismayilov said.
International Bank of Azerbaijan - Moscow’s board chairman Fuad Abdullayev noted that his bank was
committed to the three-year strategic development plan that was adopted in late 2007 and has attained considerable success. It is remarkable that the IBA’s Moscow branch has been rated among the top 30 "stress-resistant" banks in Russia that have surmounted the challenges posed by the world financial crisis.
"We have always believed and still adhere to a position that the pillar of any business -- particularly at times of crises -- is clients and partners," the IBA-Moscow board chairman said.
According to the IBA, as of April 1, the bank’s assets made up almost 5.257 billion manats ($6.571 billion), or 59% over the same date of 2009. The bank’s credit portfolio exceeded $4.925bn. Its deposit portfolio made up over $2.48bn (23.5% growth), including more than $501m held by private individuals.
The IBA’s income totaled $108.4m, while expenses made up $84.2m. The bank’s net profit constituted $18.146m in January-March 2010.
As of the end of Q1, IBA’s capital stock stood at $300m, while its gross capital exceeded $590.6m.*
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