Baku, Azerbaijan, April 29
By Kheyraddin Nasirzade - Trend:
In January-March 2019, the net profit of subsidiary of Turkey’s Ziraat Bank in Azerbaijan amounted to 959,000 manats, which is almost twice less than the figure of the same period last year, Trend reports with reference to the bank’s financial report.
The net profit of the bank in the first quarter last year amounted to 1.7 million manats. The total value of assets of the bank in Azerbaijan during the reporting period decreased by 1.3 percent reaching 219.7 million manats.
According to the report, the share of cash in the asset structure amounted to 10.1 million manats (almost twofold increase). The balances on the correspondent account at the Central Bank of Azerbaijan (CBA) amounted to 8.6 million manats, decreasing by 71.3 percent over the year. Funds on “nostro” accounts increased by 34.6 percent to 34 million manats.
As of March, Ziraat Bank Azerbaijan held 25.5 million manats in the form of deposits in other banks (a decrease by 23.3 percent). At the same time, 13.6 million manats were placed in non-resident banks.
The bank invested 4.03 million manats in securities, which is four times less than in January-March last year. All securities in which the bank invested are denominated in foreign currency.
The bank’s loan portfolio amounted to 112.2 million manats (an increase of 41.2 percent). The bank issued foreign currency equivalent to almost 52 million manats and allocated 2.76 million manats to cover possible losses on loans issued.
The total liabilities of the bank in the first quarter this year amounted to 150.9 million manats, decreasing by 2.4 percent over the year. The deposit portfolio decreased by 16.9 percent to 74.04 million manats, while funds in the “loro” accounts increased twice to 15.3 million manats.
The value of deposits of banks and other financial institutions in Ziraat Bank Azerbaijan amounted to 58.6 million manats, which is 4.4 percent more than in January-March last year.
The total capital of the bank is 65.2 million manats.
(1.7 manats = 1 USD on April 29)
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