Finance

Home page

Finance

IBA to pay dividends in amount of $11 mln to shareholders

30 November 2012 12:25 (UTC +04:00)

Baku. Vahab Rzayev – APA-Economics. International Bank of Azerbaijan held shareholder meeting. Bank says two issues were discussed at the meeting: Affirmation of bank’s financial statement for 2011 recommended by Audit Committee and confirmed by external auditor and passing of decisions on IBA’s profit for 2011 and bank’s dividend policy.

According to decision of meeting, the annual financial statements for 2011 affirmed by «Deloitte&Touche» Company and recommended by Audit Committee were confirmed.

In connection wit the second issue on the agenda of the meeting, AZN 8,694,766 from undistributed profit in amount of AZN 13,694,766, reflected in the consolidated statement of IBA on financial situation as at the end of 2011, prepared in accordance with the International Financial Reporting Standards will be paid as dividends, remaning AZN 5 mln will be saved in undistributed profit to increase the authorized capital.

Bank says IBA net profit during past 3 years made AZN 200,958 mln, incomes – AZN 1.2 bln.