The International Bank of Azerbaijan (IBA) has entrusted the audit of the consolidated results of the first half of 2013 and the whole of it to the specialized company Deloitte & Touche.
The contract worth 354,000 manat was recorded in the Agency for Public Procurement. This means that the audit of the bank and its subsidiaries: IBA - Moscow, ILL - Georgia, International Insurance Company Ltd. and Azericard will be held on International Financial Reporting Standards.
Results of testing the first half of the year should be submitted no later than September 15 of the current year and 2013 as a whole - not later than 1 April 2014.
It is the largest bank in the country, founded in 1992. More than half of the share capital (50.2%) is still owned by the government, but the promised privatization of the assets of IBA.
According to the data of the financial structure, its total capital by July 1 totaled 765.56 million manat, which is 61.4% higher than in the same period of 2012. The authorized capital for the year increased to 340 million manat.
Net profit of IBA in the 1st half of 2013 amounted to 24.3 million manat, an increase compared to the corresponding figure for the 1st half of 2012 by 44.6 percent. - 17D-
Economics
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