Losses of NAB Group of Companies Grow

The NAB Group of Companies concluded last year with a net loss of 200,024 manat (+ 51.5% to losses in 2013), as evidenced by the published financial statements based on audit.

Its assets as of 1 January of this year was at the level of 20,630,500 manat (minus 18.6% for the year) and the shareholders' equity decreased by 1.3% to 15,226,410 manat. The authorized capital is unchanged - 15,526,780 manat. Commitments for the year decreased by 45.4% to 5,404,100 manat. The operating income amounted to 163,140 manat (4.9-fold reduction) and the net operating losses were 68,160 manat (in 2013 there was a profit of 39,310 manat).

The group's unplanned revenues amounted to 362,000 manat and the unplanned expenses were 493,870 manat in 2014.

The  NAB Group originates from «Dış Ticaret Limited», Oromi based in 1988 in Istanbul. The Group includes the NAB Auto Azerbaijan, and Bank of Baku, Baku Electronics, Baku Service Company, and Qafqaz Leasing. NAB also owns shares in the insurance company Buta Sigorta. Among the shareholders of NAB are the Iranian businessmen Bahran  and Shahram Oromi. Media noted that  Oromi sold their shares in the Bank of Baku  to the influential Azerbaijani. In 2014, the National Security Ministry  conducted an operation in the Bank of Baku in connection with information about laundering Iranian  money.-- 17D-