BAKU, Azerbaijan, October 9. International Bank of Azerbaijan's total assets amounted to 12.4 billion manat ($7.2 billion) on June 30, 2023 according to International Financial Reporting Standards (IFRS), which is 12.6 percent lower than at the end of 2022, Trend reports.
According to the bank's audited consolidated statements, the decrease in assets was due to a 44.1 percent decrease in cash at the bank to 2.9 billion manat ($1.7 billion).
In addition, the loan portfolio increased by 17.6 percent to 4 billion manat ($2.3 billion), the bank's liabilities decreased by 15.8 percent to 10.4 billion manat ($6.1 billion), the volume of deposits in the bank by 18.8 percent to 9.1 billion manat ($5.3 billion), the bank's capital increased by 8.3 percent to 1.9 billion manat ($1.11 billion), and the authorized capital remained unchanged at 1.2 billion manat ($705.8 million).
The International Bank of Azerbaijan ended 2022 with a net profit of 254.3 million manat ($149.5 million).
Its net interest profit amounted to 491.1 million manat ($288.8 million) at the end of 2022. It was formed at the expense of interest income of 582.8 million manat, or $342.8 million (33.54 percent growth for the year) and interest expenses of 91.7 million manat ($53.9 million).
Non-interest income of the International Bank of Azerbaijan amounted to 197.3 million manat, or $116 million (17.37 percent growth for the year). The bank's non-interest expenses reached 293 million manat ($172.3 million) on December 31, 2022.
Profit before taxes and unforeseen expenses related to banking activities amounted to 333.9 million manat ($196.4 million), income tax payments amounted to 79.5 million manat ($46.7 million).
