NEWS FEED
Zoom
11:11 24 November
TOP 5

Bank Melli Iran Baku announces amount of deposits in closed banks

In 2016, the Bank Melli Iran Baku branch placed a deposit in the amount of EUR 500,000 in Mir Business Bank at an annual interest rate of 1.0 % for a period of 6 months, says bank’s audit report for 2016.

According to the report, other deposits placed in the previous years: “In 2015, the Bank placed two deposits in the total amount of AZN 5,000,000 in Texnikabank OJSC at an annual interest rate of 7.0 % for a period of 6 months. Later these deposits were prolonged to another six-month period. In 2015, the Bank placed a deposit in the amount of AZN 1,000,000 in Texnikabank OJSC at an annual interest rate of 5.0 % for a period of 6 months. As at 31 December 2016 total deposit in Texnikabank OJSC amounted to AZN 6,067,778 (AZN 6,000,000 principal and AZN 67,778 accrued interest). In 2015, the Bank placed two deposits in the total amount of AZN 2,000,000 in Atrabank OJSC at an annual interest rate of 6.0 % for a period of 6 months. Later these deposits were prolonged to another six-month period. As at 31 December 2016 total deposit in AtraBank OJSC amounted to AZN 2,009,000 (AZN 2,000,000 principal and AZN 9,000 accrued interest). As at December 31, 2016 amount in current accounts of Texnikabank OJSC and Atrabank OJSC represent AZN 10,629 and AZN 2,050,136 respectively. As disclosed in Note 28, “Events after the Reporting Period”, the licenses of Texnikabank OJSC and Atrabank OJSC were cancelled by the CBAR in 2016. Impairment loss provision against the deposits placed with these banks amounts to AZN 7,345,732”.

 

The report also says the Bank placed a deposit in the amount of AZN 300,000 in Nikoil Bank OJSC at an annual interest rate of 7.0 % for a period of 6 months and has no outstanding amount as at December 31, 2016.

 

Moreover, the Bank placed two deposits in the total amount of EUR 2,000,000 in Zaminbank OJSC at an annual interest rate of 5.0 % for a period of 6 months. As at December 31, 2016, the Bank’s provision for impairment against these deposits amounts to 100%.

 

The Bank placed a deposit in the amount of AED 7,346,000 in Bank Melli Iran Dubai Branch at an annual interest rate of 0.65 % for a period of 6 months and have no outstanding amount as at December 31, 2016.

 

The Bank placed nine deposits in the total amount of AZN 9,000,000 in Mughanbank OJSC at an annual interest rate of 5.0 % for a period of 6 months. Later these deposits were prolonged to another six-month period and have no outstanding amount as at December 31, 2016.

 

As at December 31, 2016, the Bank’s term deposits with Royal Bank amount to AZN 4,000,000. Royal Bank provided collateral against these deposits which was valued at a market value of AZN 4,300,000 by an appraiser firm in June, 2013. As at December 31, 2016, the Bank’s provision for impairment against these deposits amounts to 100% (2015: 30%). The Bank placed deposits in the total amount of USD 12,500,000 in Birlikbank OJSC whose license cancelled by the Central Bank of Azerbaijan in 2011. Collateral for this deposit was 3rd floor of the AMAY shopping center with administrative offices with area of 13103 m2. In December 2016, the bank acquired legal ownership over this property and the property has been evaluated and taken on the balance of Bank. The deposit was derecognized in profit and loss statement during 2016.

 

Related news releases

VİDEO NEWS

PHOTO NEWS

  • Azerbaijanis stage protest rally outside European Parliament
  • Azerbaijani president offers condolences to Egyptian counter...
+2
EXCHANGE RATE
FOREX
/ 25 November, 2017

USD
1.7001
 
EUR
2.0152
 
RR
0.0291