Baku, Azerbaijan, Nov. 10
By Azad Hasanli – Trend:
Income of the JSC International Bank of Azerbaijan – Georgia (IBA-Georgia), a subsidiary of the International Bank of Azerbaijan in Georgia, increased by 8.3 times to 6.7 million Georgian laris in January-September 2016, compared to the same period of 2015, according to the bank’s financial report.
Revenues of the IBA-Georgia amounted to 9.2 million laris according to the results of 3Q2016, while expenditures totaled 3.9 million laris. Additional 1.38 million laris were used for establishing reserves on possibly losses.
A major part of the bank’s income accounted for interest income gained thanks to the loans allocated for the construction sector – 2.3 million laris.
Meanwhile, the IBA-Georgia received interest income thanks to the crediting of energy sector (352,200 laris), retail market (1.5 million laris) and other spheres (more than one million laris).
The IBA-Georgia’s assets decreased from 145.4 million to 119.66 million laris. Almost 64 percent (76.5 million laris) of the bank’s assets accounted for loans. Moreover, about 41.5 million laris were placed at the National Bank of Georgia and other banks (30 million laris).
The bank’s available funds totaled 2.8 million laris according to the results of 3Q2016.
Liabilities of the IBA-Georgia decreased by 27.76 percent and amounted to 84.56 million laris, including 45.9 million laris of liabilities to other banks. Deposits of customers in the bank totaled 21.68 million laris (a growth by 25.3 percent).
The bank’s share capital amounted to almost 22.7 million laris according to the results of the 3Q2016.
IBA-Georgia began to operate in January 2007.
