IBA ups capital by 30 percent
The authorized capital of the International Bank of Azerbaijan, according to a decision made by a general meeting of the bank’s shareholders, will be increased by 200 million manats up to 890 million manats.
The general meeting of the shareholders was held on April 2.
The meeting also approved the 2014 financial report recommended by the audit committee, decided to leave undistributed the 25.5 million manats of profits, received last year.
The Baku-based IBA is a universal bank with subsidiary banks in Russia, Georgia and Qatar, as well as representative offices in London, Frankfurt, Luxembourg, Dubai and New York. The bank, 50.2-percent owned by the Azerbaijani Ministry of Finance, holds over 40 percent of banking assets in the country.
The IBA‘s reported consolidated total assets of 8.8 billion manats, aggregate capital of 1.008 billion manats and net profit of 64.5 million under audited IFRS as at year-end 2014.
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