BAKU, Azerbaijan, Oct.23
By Zeyni Jafarov – Trend:
Azerbaijan’s Xalq Bank increased its total assets by over 117.8 million manat ($69.2 million) from January through September 2020 compared to the same period of last year, Trend reports referring to the bank's balance sheet.
In accordance with the balance sheet, the total assets grew up to 2.3 billion manat ($1.3 billion) for the year, 1.5 billion manat ($880 million) of which (in terms of national currency) accounted for the foreign currency, which reaches 66 percent of all assets.
The biggest share in the structure of assets (67 percent) accounted for the loan portfolio worth over 1.5 billion manat ($910 million). At the same time, most of the bank’s loan portfolio (66.9 percent) accounted for the loans in foreign currency (slightly over 1 billion manat or $610 million), which decreased by 10.3 percent.
The target reserves worth 34.6 million manat ($20.3 million) were deducted from the portfolio to ensure the possible losses from loans, which was by 15.9 percent more compared to the 3rd quarter of 2019. The share of foreign currency amounted to 57.2 percent of all reserves or 19.8 million manat ($11.6 million).
Cash and cash equivalents account for about 3.5 percent of total assets. The volume of cash and cash equivalents increased by almost 13.1 percent from over 70.7 million manat ($41.6 million) to 80 million manat ($47 million), and the share of foreign currency amounted to 50.3 million manat ($29.5 million).
The deposits in banks and other financial institutions amounted to 24.6 million manat ($14.4 million), dropping by 2.3 times. At the same time, over 1.2 million manat ($740,000) accounted for the foreign currency.
Some 14.1 million manat ($8.2 million) accounted for unused real estate in the structure of long-term assets (almost halving in annual terms).
The intangible assets increased by 26.2 percent, amounting to slightly over 2.1 million manat ($1.2 million) compared to more than 1.6 million manat ($990,000) in the same period of last year.
Other assets exceeded 46.6 million manat ($27.4 million), more than a half of which accounted for foreign currency - 28.5 million manat ($16.7 million).
(1 USD = 1.7 AZN on Oct.23)
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