OREANDA-NEWS. August 02, 2010. A general meeting of shareholders of OJSC "International Bank of Azerbaijan" was held on July 20, 2010. At the meeting, chaired by the Minister of Finance of the Azerbaijan Republic C. Sharifov, decisions were made on three issues – about the approval of financial statements of the IBA for 2009, submitted by a third-party auditor and recommended by the Audit Committee, as well as on profits in 2009, the dividend policy and on the membership of the Bank Audit Committee, reported the press-centre of IBA.

Financial statements for 2009 have been approved by a decision of the general meeting.

In 2009, net profit amounted to 128 million manats. In the first and second quarters of 2009 46,7 million manats were spent for the dividend payment; in the third quarter payments from the profits in the amount of AZN 40 million manats provided by the bank for this purpose, were transferred to the bank's authorized capital by the decision of the general shareholders' meeting.

The last quarter of last year and two quarters of this year, the IBA has completed at a profit. In accordance with the requirements of the legislation a decision on the allocation of profits and payment of dividends is made at the discretion of shareholders. On the second issue the majority of shareholders - 66%, whose cumulative share in the total number of shares was 80%, including the Ministry of Finance, voted for the payment of dividends according to the annual results, not as before - by quarters, and for considering their next payment in 2011. 34% of those present at a meeting of the bank shareholders voted against this decision.

According to the decision adopted on the third issue on the agenda, the membership of the Audit Committee of the Bank was reduced to 5 people.

It should be noted that previously, at an extraordinary general meeting of shareholders on October 19, 2009, guided by the need for the increased monitoring of the management in the situation of the significant growth of assets, expansion of activities, increase of the number of subsidiaries and representative offices of the bank, development of branch network, the number of members of the Audit Committee was increased from 3 to 7at the suggestion of the Ministry of Finance of the Republic as a representative of the state and the owner of a controlling stock.

Today, IBA is the most capitalized bank of the country: it's authorized capital reached 240 million manats. As of July 1, 2010 the balance sheet capital is 627.7 million manats. Only during the first half of this year, the IBA has contributed to the budget of Azerbaijan in the form of various tax payments 22 million manats. For the six months of 2010, the revenues of IBA, which is the only state bank in the country, exceeded 189 million manats. The bank Earnings before taxes amounted to 41,4 million manats, and net profit - 31,5 million manats.

Thus, the IBA honorably discharged its obligations to shareholders and ensured profitable operation, which serves as the basis for the distribution of dividends.

It is important to emphasize that the long-term Issuer Default Rating (IDR) in foreign currency, submitted to IBA by the authoritative international rating agency Fitch Rating, was upgraded from "BB +" to investment-grade "BBB-". This estimate corresponds to the long-term IDR of Azerbaijan.

Rating of IBA in foreign currency submitted by the International rating agency Moody's Investors Service, was similar to that of Azerbaijan, and in the national currency exceeded its corresponding country level by two stages.

After the changes of ratings methodology made by Moody's, the ratings of the banks, exceeding the sovereign ratings of the countries where they operate around the world, were reduced.

And in accordance with the new rules for rating, the level of IBA is defined in the national currency Baa3, which is currently one step ahead of the corresponding rating of Azerbaijan.

Taking this opportunity, we would like to congratulate the Azerbaijan mass media employees with the Azerbaijan's National Day of the press and wish them new creative successes.