BAKU, Azerbaijan, July 29
By Eldar Janashvili – Trend:
Total assets of Azerbaijan’s MuganBank decreased by 10.4 percent in the first half of 2020, Trend reports referring to the bank’s balance sheet.
According to the data, the total assets dropped by 69 million manat ($40.5 million), to 591.8 million manat ($348.1 million).
The biggest part in the structure of assets, about 60.2 percent, accounted for the loans issued to customers and financial entities, the volume of which shrank by 2.7 percent up to 356.2 million manat ($209.5 million).
At the same time, almost 60 percent of the total loan portfolio accounted for business loans, the total amount of which grew by 1.1 percent up to 210.8 million manat ($124 million), while 36.2 million manat ($21.2 million) accounted for consumer loans, the share of which decreased by 14.8 percent (up to 10.2 percent), and the volume - by 34 percent.
Loans for real estate amounted to 109.3 million manat or $64.2 million (an increase of 6.4 percent), or about 30 percent of the total loan portfolio. No new loans were issued to banks and financial institutions (FI) for 2020, and the figure of 22,400 manat ($13,100) at the end of 2019 remained unchanged in the bank’s financial statement for the first half of the year.
The deduction of the target reserves from the portfolio to ensure the possible losses from the loans amounted to slightly less than 8 million manat ($4.7 million), decreasing by 6.8 percent compared to 2019.
The volume of the bank’s cash dropped by almost twice, amounting to 10.04 million manat ($5.91 million). Deposits in banks and other financial institutions amounted to 76.7 million manat ($45.1 million), which is almost twice less than in 2019.
In the structure of long-term assets, real estate and equipment dipped by 0.8 percent up to 94.3 million manat ($55.4 million). Intangible assets decreased by 7.3 percent amounting to 1.07 million manat ($592,000). Other assets amounted to almost 59 million manat ($34.7 million).
(1 USD = 1.7 AZN on July 29)
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