Audit of IBA will cost 306.8 thousand manats

The international auditing company Deloitte & Touche will audit the consolidated financial statements of the International Bank of Azerbaijan (IBA) and its subsidiaries for the first half and all of 2014. The longtime partners have concluded a corresponding agreement.

This year, this service will cost the bank 306,800 manat, which is 47,000 manat less than in 2013. This is stated in the quarterly report of the State Procurement Agency.

For comparison, the audited financial statements of the state-run Azerbaijan Investment Company for 2013 (the auditor is LLC Baker Tilly Audit Azerbaijan) will cost 5,900 manat. According to operative data , as of April 1 this year, the International Bank assets grew at an annualized rate of 22.8 % and amounted to 7 billion 648 million manats. At the same time the loan portfolio exceeds 5.1 billion manat (+28.2 %). The total capital of the bank at the beginning of April this year reached 950 million manat with paid-in share capital of 500 million manat. Net income of IBA in the first quarter was 12.3 million manat. -08B-

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