Baku, Azerbaijan, Nov. 5
By Azad Hasanli - Trend:
The volume of deposits in Caucasian Development Bank - Georgia JSC, a subsidiary of Caucasian Development Bank Azerbaijani JSC, has increased nearly 3.5 times in the third quarter of 2015 - from 5.46 million lari to 18.75 million lari (GEL), the National Bank of Georgia told Trend Nov. 5.
The official exchange rate at the National Bank of Georgia on November 5 was 2.3967 GEL/USD.
The majority of the deposits, 60.8 percent or 11.4 million lari, was made up in term deposits. Current deposits and demand deposits for the period accounted for 21.9 percent (4.1 million lari) and 17.1 percent (3.2 million lari) from all deposits, respectively.
In general, during the reporting period, total liabilities at the bank increased three times - up to 21.7 million lari - as compared with the end of the third quarter of 2014. The total volume of liabilities in freely convertible currency amounted to 78.2 percent, or nearly 17 million lari, in national currency - which was 21.8 percent or 4.7 million lari.
The bank's assets at the end of the third quarter of 2015 amounted to 42.1 million lari, which is 53.8 percent more than in the same period in 2014.
Some 60.8 percent of assets (25.6 million lari) have been placed in a freely convertible currency, while 39.2 percent (16.46 million lari) was placed in the national currency.
During this period, those assets accumulated in cash and cash equivalents decreased by 21.1 percent, compared to the same period last year, to 908,000 lari.
The loan portfolio is the main portion of the assets of the Caucasian Development Bank - Georgia - at 38.48 percent, or 16.2 million lari (double growth for the year). Some 54.2 percent of issued loans account for loans in the national currency (8.78 million lari), and freely convertible currency loans amounted to 7.4 million lari.
Third quarter revenues of IBA-Georgia reached approximately 2.6 million lari, and expenses were 2.05 million lari.
The bank concluded the third quarter with a net profit of 153,660 lari.
As of the end of September 2015, the authorized capital of IBA-Georgia remained unchanged - at the level of 20 million lari. The total capital of the bank amounted to nearly 20.36 million lari, increasing by 0.4 percent. For comparison, at the end of the third quarter of 2014 this figure was 20.276 million lari.
Caucasian Development Bank OJSC was founded April 23, 1996 to address issues of accelerating socio-economic development of the Caucasus countries, with the assistance of enterprises, banks, organizations and citizens of Azerbaijan, USA, Germany, Russia and Georgia. The subsidiary bank of the OJSC in Georgia began operations in mid-2006.
