Baku, Azerbaijan, January 15
By Taleh Mursagulov - Trend:
Azerbaijan's NIKOIL Bank completed the fourth quarter of 2018 with a loss of 135.2 million manats, which is 50 times more than the same period of the previous year, Trend reports with reference to the bank’s financial report.
In the quarter, interest income of the bank reached 68.1 million manats, compared to 66.68 million manats a year earlier, non-interest - 7.7 million manats in comparison with 3.1 million manats.
The bank's interest expenses amounted to 15.5 million manats (19.7 million manats), non-interest expenses - 23.36 million manats (21.56 million manats).
Large expenses of the bank are associated with the need to create reserves in the amount of 172.16 million manats to cover losses on assets. In the fourth quarter of 2017, the bank’s reserves amounted to 31.2 million manats.
The total assets of NIKOIL Bank during the reporting period amounted to 417.04 million manats, have decreased almost by 5 percent over the year.
In the asset structure, 8.87 million manats fell to cash (7 million manats a year earlier). About 39 million manats of the bank were on a correspondent account in the Central Bank (58.9 million manats), more than 2.3 million manats in nostro accounts in other banks (10.3 million AZN).
Moreover, NIKOIL Bank slightly increased the volume of deposits in financial institutions from 18.86 million to 20.4 million manats.
The bank's loan portfolio in the fourth quarter of last year was amounted to 282.7 million manats, which is almost three percent less than the last quarter of 2017. During the reporting period, the bank also provided loans of seven million manats to banks and 22.65 million manats to other financial institutions compared to 19.7 million manats a year earlier.
The total liabilities of the bank amounted to 351.37 million manats in comparison with 362.39 million manats a year earlier. The largest portion of liabilities fell on the deposit portfolio - 228.67 percent, which slightly decreased during the year (by 0.23 percent).
NIKOIL Bank's liabilities to the Central Bank have been amounted to 27.2 million AZN, which redeemed at 13.1 million manats over the year. The bank also attracted loans from other financial institutions in the amount of 70.1 million manats during the year.
The share capital of NIKOIL Bank is 348 million AZN; the total capital is 67.9 million AZN.
NIKOIL Bank has been operating in Azerbaijan since 1994. The bank’s shareholders are Topaz Investments (93.16 percent), ISR Holding (0.16 percent) and individuals (6.68 percent).
($1=1.7 AZN on January 15)
