EMEA Finance magazine, the leading information and analytical publication in Europe defined the best banks in Europe, the Middle East and Africa on the results of 2012. International Bank of Azerbaijan (IBA) was named Best Local Bank, IBA said on May 29.
"In 2012, the net profit of the International Bank of Azerbaijan increased by 80% and amounted to 43.4 million manat, active and loan portfolios grew by 17.5% and 22%, respectively," the magazine reported. "As a symbolic recognition of the achievements the International Bank of Azerbaijan was awarded as the Best Local Bank in the category "Best Bank in CIS, Central and Eastern Europe."
The London-based EMEA Finance magazine is dedicated to the finance sectors in Europe, Middle East and Africa. Its readership includes financial institutions from throughout the world and the top managers of leading companies. The magazine is the world's only publication covering all finance-related events, activities, developments, financial services and products, as well as innovations in the area of services and technologies of the region. Every year the magazine names the best banks in more than 20 nominating categories.