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IBA-Georgia’s net profit rises by almost 3 times

Monday, May 18
The net profit of International Bank of Azerbaijan-Georgia (IBA-Georgia) OJSC amounted to 1.92 million GEL in the first quarter of 2015, which is 2.87 times more than in the same period last year, the National Bank of Georgia told Trend.

IBA-Georgia is a subsidiary bank of the International Bank of Azerbaijan, based in the Georgian capital of Tbilisi.

The Bank received a total interest income of 3.6 million GEL at the interest expense worth about 1.87 million GEL. Thus, net interest income of IBA-Georgia in the first quarter of 2015 amounted to 1.74 million GEL, which is 59.6 percent more than in the same period last year (1.09 million GEL).

Assets of International Bank of Azerbaijan-Georgia (IBA-Georgia) stood at 162.7 million GEL in the first quarter of 2015.

The bank's assets increased by 40 percent throughout the year - in late first quarter of 2014 the figure was 116.2 million GEL.

Some 65.5 percent (106.58 million GEL) of the IBA-Georgia's assets are placed in the freely convertible currency, while 34.5 percent (56.15 million GEL) is placed in the national currency of Georgia.

Some 1.4 million GEL was accumulated in cash and cash equivalents of the IBA-Georgia, which is 17.65 percent less than as of April 1, 2014.

The bank's loan portfolio increased by 4.3 percent and amounted to 97.98 million GEL. For comparison, in late first quarter 2014, this figure was 93.9 million GEL.

The bank issued 38.17 percent of loans in national currency (37.4 million GEL), while 61.8 percent of loans worth an equivalent of 60.59 million GEL were issued in the freely convertible currency. Reserves in the bank's loan portfolio totalled 11.66 million GEL in late March 2015.

IBA-Georgia's total liabilities in the reporting period were 133.27 million GEL, increasing by 49.07 percent over the year. Among the liabilities the funds placed on current accounts and as deposits, increased by almost 2 times and amounted to 21.16 million GEL.

The bank attracted fixed term deposits worth 29.33 million GEL.

IBA-Georgia's authorized capital has not changed throughout 2014 and totaled 22.69 million GEL as of late March 2015.

Meanwhile, the bank's total capital stood at 29.45 million GEL (including 6.56 million GEL of retained earnings, and 204,400 GEL from asset revaluation).

The total capital's volume grew by 9.9 percent. For comparison, in late first quarter of 2014, this figure was 26.8 million GEL.

IBA-Georgia was registered by Georgian Justice Ministry in November 2006.

The bank serves both Azerbaijani and Georgia clients.