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IBA holds meeting of shareholders

23 July 2010 09:58 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. International Bank of Azerbaijan held the general meeting of shareholders.

Minister of Finance Samir Sharifov led the meeting and 3 issues were discussed in the meeting. Adoption of financial reports 2009 of the bank which recommended by Audit Committee and adopted by external auditor, dividend policy and profit of 2009 and decisions about the structure of Audit Committee was adopted.

2009 financial reports were adopted with the decision of general meeting. The net profit made AZN 128 mln and AZN 46.7 mln was spent to payment of dividends on 2009. AZN 40 mln was directed to the bankâ€™s authorized capital.

About the second issue the discussion of payments of dividends not on the quarterly but yearly in 2011 was adopted. 34% of shareholders voted against this.

About the third issue the members of the Audit Committee decreased to 5 persons from 7 persons.

IBA is the most capitalized bank of Azerbaijan. Authorized capital makes AZN 240 mln. As of July 1, 2010, the balance capital stood at AZN 627.7 mln. IBA transferred AZN 22 mln to the state budget.