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International Bank of Azerbaijan posts 62% year-on-year growth in net profit

International Bank of Azerbaijan posts 62% year-on-year growth in net profit

04 May 2009 12:56 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. As of April 1, International Bank of Azerbaijan posted its assets at AZN 308.8 million, up 14.5% from a year ago but down 5% from early this year.

The drop in countryâ€™s largest bankâ€™s assets comes amid a 7.33% decline in total bank assets in Azerbaijan.

The bankâ€™s loan portfolio increased by 32.7% year-on-year to AZN 2 376.6 million but decreased by 18.8% during the first quarter.

Total capital grew by 48.4% over the past year but declined by 6.6% over the first quarter.

The bank netted AZN 30.4 million during the first quarter, up 62.4% from a year ago.

With a 50.2% stake in state ownership, International Bank of Azerbaijan is the largest bank in Azerbaijan and the region.

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