BAKU, Azerbaijan, Oct. 30
By Zeyni Jafarov - Trend:
The total assets of Azerbaijan's AFB Bank for 9M2020 decreased by six percent compared to the same period last year, Trend reports citing the bank's balance sheet.
According to the report, total assets decreased by 34.8 million manats ($20.4 million) to 548.5 million manats ($322.6 million).
The largest part, about 79.2 percent, in the structure of assets, belongs to the loan portfolio, the volume of which has grown by 18.7 percent since the beginning of the year, up to 434.4 million manats ($255.5 million). At the same time, 82.3 percent of the total loan portfolio fell on business loans, the total amount of which increased by 64.2 percent on an annualized basis, to 357.45 million manats ($210.2 million). Consumer loans accounted for 35.9 million manats ($21.1 million), the share of which increased by 6.7 percent since the beginning of the year.
Loans for real estate amounted to 41.04 million manats ($24.1 million), or about 9.4 percent of the entire loan portfolio. No loans to banks and financial institutions were issued for this period, the zero indicator for this item at the end of the third quarter of 2020 remained in the financial report. The deduction of target reserves from the portfolio to ensure possible losses from loans amounted to 45.7 million manats ($26.8 million), increasing by 3.3 percent compared to the same period last year.
The volume of cash and bank equivalents increased by 1.1 times over the year, amounting to 94.8 million manats ($55.7 million). Deposits in banks and other financial institutions amounted to about five million manats, which is 1.5 times more than in 2019.
The share of real estate and equipment in the structure of long-term assets has slightly decreased since the beginning of the year by 3.5 percent, to 30.2 million manats ($17.7 million). Intangible assets increased by 1.9 percent, amounting to 1.3 million manats ($764,700). Other assets amounted to 14.9 million manats ($8.7 million).
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