IBA announced the auditor"s report on the results of 2011

OJSC "International Bank of Azerbaijan" (IBA) announced the independent auditor's report provided by the consolidated financial statements for 2011.

The auditor of JSC "IBA", as in 2011, was the company "Deloitte & Touche". According to the consolidated balance sheet, prepared in accordance with International Financial Reporting Standards, in 2011, the net profit was 19,755,000 manat compared to the AZN 111.1 million lost in 2010.

The share capital of JSC "IBA" at the beginning of 2012 assessed by the auditor was at 272.5 million manat compared to the AZN 251.5 million in 2010. Of these, 240 million manat was inclusions of shareholders in authorized capital stock.

IBA assets in 2011 increased from 4,358 to AZN 4,843 mln.

JSC "IBA" was created in 1992. It also includes the subsidiary banks in Georgia and Russia, International Insurance Company and other companies. The state owns 50.2% of its shares. Foreigners own 7.9% of the shares. - 08B-


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