International Bank of Azerbaijan Reduced
2017 October 26 ( Thursday ) 10:45:53
Baku / 26.017 / Turan: OJSC International Bank of Azerbaijan (IBA) announced episodic indicators of the semi-annual balance for 2017, according to which the assets of the giant of the Azerbaijani banking family decreased by 3.5 billion manat or about 25% over 12 months.
As of July 1 of this year, the IBA"s assets amounted to 10.6 billion manat, of which 3.7 billion manat was loans granted to customers. For the year the Bank"s loan portfolio decreased by 1 billion 424 million manat. The IBA assets include 3 billion 50 million manat deposited in financial institutions. In comparison with last year"s period, these assets decreased by 235 million manat. Nothing is reported on the funds expected to be received from the state-owned CJSC Agrarkredit.
The IBA also does not disclose the full volume of its debt portfolio. Information for six months of this year is available only on the composition of deposits in the Bank - 5 billion 187 million manat, of which 2 billion 473 million manat is demand deposits. Over the past 12 months (from July 1, 2016 until June 30, 2017) in deposit accounts, the funds decreased by about 3 billion manat.
The insolvency of the IBA became known on the eve of the February devaluation of the manat. It turned out that the Bank issued loans of many billion AZN under "words of honesty", not requiring proper collateral. At the same time, the Bank could not pay for the funds attracted by it, both from local investors and international loans. In July 2015, a decree was issued to improve the IBA, according to which it received AZN 10 billion from the Central Bank under the state guarantee. In June of this year, the state took over part of the international obligations of the IBA for a total of $ 2 billion 383.4 million. --08B