Shareholders Not Happy with Quarterly Report by Bank of Baku

The assets of JSC Bank of Baku by April 1 amounted to 591.35 million manat (minus 26% compared to the same period last year, when they amounted to 797.84 million manat).

The amount of cash decreased in comparison to the previous year - from 37.78 million AZN to 25.06 million manat. The loan portfolio in the first quarter amounted to 386.63 million manat, whereas last year it was 621.47 million manat.

By April 1 last year there was 459.17 million AZN on deposit accounts, while this year by the same date there was 328.76 million manat.

The authorized capital is 52.87 million manat (unchanged), while the equity is 61.27 million AZN with an almost twofold reduction (from AZN 106.48 million).

JSC Bank of Baku has operated under the CBA license since 1994. The Head of the Supervisory Board is Elchin Isayev, and the Chairman of the Board is Abbas Ibrahimov.

At the end of 2014 there were changes in the composition of the founders - Hikmet Ismayilov (21.11%) purchased a package in Azinvest Ltd. and from Rafik Aliyev (brother of the former Economy Minister Farhad Aliyev), who retired "from the game." NAB Holding has 40%, Azpetrol Ltd. has 28.89%, and Elchin Isayev has 10% of the share capital. --17D-