IBA has announced financial results for the first quarter of 2013

Assets of the International Bank of Azerbaijan (IBA) for the year increased by 19.1% and as of April 1, 2013 reached 6.227 billion manat, the press service of the bank.

The credit portfolio of IBA increased compared to the first quarter of 2012 by 28.8% and by 1 April 2013 amounted to 4.02 billion manat. Loans to individuals amounted to 476.1 million manat.

The total capital of the bank amounted to 747.66 million manat, which is 78.3% higher than on April 1, 2012. The authorized capital of IBA for the year was increased by 38% and increased to 331.4 million manat.

Net income amounted to 12 million manat, increasing compared to the corresponding figure for Q1, 2012 by 70 percent. Revenues for the year increased by 24.2% and amounted to 113.8 million manat by April 1, 2013.

At the end of the first quarter of 2013, the ratio ROA (return on assets) was 0.20 percent and ROE (return on equity) was 2.16 per cent against 0.14 per cent and 1.77 per cent on April 1, 2012, respectively.

The International Bank of Azerbaijan (IBA) was founded in January 1992 and is the largest bank in the country. The main shareholder is the government of Azerbaijan, which owns 50.2 percent of the shares, while 49.8 percent is owned by private individuals and legal entities. - 15D -