Share Capital of IBA Reached 330 mn Manats
OREANDA-NEWS. April 09, 2013. The share capital of the International Bank of Azerbaijan (IBA) reached 330 mln. Manats. This was informed by the Bank’s Deputy Chairman of Board Rashad Hajiyev in an interview printed in “Zerkalo” newspaper.
“Declared by the shareholders at the beginning of 2012, additional emission of 100 mln. Manats is expected to be completed in the middle of this year. However, today the amount of the capital paid up from the additional emission is over 90 mln. Manats. Thus, the share capital was 330 mln. Manats. Investment into the capital in such a short span of time has once more testified to the high trust by the Bank’s shareholders” - said R.Hajiyev.
According to him, due to additional capitalization and income distributed, by the end of 2012, total capital made up 416 mln. Manats, based on the report audited to the International Standards for Financial Reports.
He noted that, according to the results of 2012, IBA’s net income was 43.4 mln. Manats, and this was three times the result of 2011.
R.Hajiyev added that IBA’s shareholders have not determined yet as to the amount of income to be directed to the payment of dividends for 2012. “However, we think, in case the shareholders approve, the level of dividends will be higher than that of the last year, thanks to the three-fold increase in the income. The Bank will direct part of the undivided income on the results of 2012 to increase the share capital.” - he explained.
Moreover, he underlined that IBA has directed 8.7 mln Manats on the result of 2011 to the payment of dividends.
IBA was established in 1992 and is one of the largest banks of Azerbaijan. Currently, 50.2% of the Bank’s capital belongs to the state, 49.8% to private shareholders. In general, IBA’s shareholders are 14 legal and 1556 natural persons.