Azernews.Az

By Gulgiz Dadashova

Azerbaijan's State Securities Committee has registered the emission prospectus of ordinary documentary nominal shares in the amount of 368.3 million manats (around $469 million) of the International Bank of Azerbaijan (IBA), which holds a leading position in the domestic banking sector.

Following the emission, the bank's authorized capital will increase by 8.3 percent -- from 340 million manats to 368.3 million manats.

In June, the bank's shareholders decided to direct the profit worth 28.3 million manats to increasing the share capital, while the par value of each share will increase from 0.24 manats to 0.26 manats.

As of July 1, 2013, the total capital of the IBA amounted to 765.56 million manats, which is 61.4 percent over the figure posted on July 1, 2012.

The 2012 audit report approved by the shareholders shows a profit of 52.9 million manats. Total profit of the IBA was 58.5 million manats last year.

Currently, the bank's capital adequacy ratio meets the requirements of the Central Bank of Azerbaijan (CBA), under which the minimum ratio is 12 percent.

The IBA was established in 1992 as a successor of the Azerbaijani branch of Vnesheconombank. The IBA's main shareholder is the Azerbaijani government, which owns a 50.2 percent stake and 49.8 percent is owned by private individuals and legal entities.