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Azerbaijanâ€™s largest bank more than quadruples profit

22 October 2009 13:06 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. As of October 1, International Bank of Azerbaijan posted its assets at AZN 4 758.574 million, up 13% from a year ago.

The bank said deposit portfolio dropped by 17.9%, year-on-year, to AZN 1 944.185 million while loan portfolio increased by 36.7% to AZN 3 596.347 million.

Consumer lending grew by 9.6% to AZN 345.947 million.

Total equity capital grew by 37.5% to AZN 452.106million and authorized capital stock increased by 54% to AZN 200 million.

As against a year ago, revenue nearly tripled to AZN 300.570 million and expenditure more than doubled to AZN 174.718 million.

Profit skyrocketed by a factor of 4.3 year-on-year to AZN 125.852 million.

The bank established 1 branch and 84 POS terminals across the country over the past year.

As Azerbaijanâ€™s and the regionâ€™s largest bank, the International Bank of Azerbaijan with a governmentâ€™s 50.2% stake is owned by the bank staff (10%) and private shareholders (40%).
The bank operates 37 branches, 587 ATMs, 63 information kiosks and 2 717 POS-terminals.