Baku, Azerbaijan, Aug. 10
By Anvar Mammadov - Trend:
In 2Q 2018, assets of the International Bank of Azerbaijan (IBA) decreased by 9.3 percent compared to 1Q, to 7.62 billion manats, the bank's financial report reads.
During the period, the bank's liquid assets increased from 833.3 million manats to 1.07 billion manats.
During the period, IBA reduced the volume of deposits in other banks by 22.4 percent to 3.49 billion manats. The bank's investments in securities during the period amounted to 1.11 billion manats.
The amount of the bank's lending remained almost unchanged. At the end of June, the volume of loans granted to customers amounted to 1.68 billion manats compared to 1.67 billion manats in 1Q 2018.
The liabilities of the IBA amounted to 6.43 billion manats, which is 11.9 percent less than at end of March.
The IBA has been operating since 1992. The bank has been at the stage of recovery since July 2015, which is related to preparations for privatization of its state-owned shares. To restore the bank's financial position, its troubled assets moved to the non-bank credit organization Aqrarkredit. In exchange for troubled assets, the non-bank organization provides IBA with liquid funds. Restructuring of the IBA's foreign obligations has already been completed.
The government owns 95.2 percent of the bank's shares.
---
Follow the author on Twitter: @Anvar_Mammadov
