International Bank of Azerbaijan
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|
| Industry | Banking |
|---|---|
| Founded | 10 January 1992 |
| Headquarters | Baku, Azerbaijan |
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Area served
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Worldwide |
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Key people
|
Elmar Mammadov |
| Products | Consumer banking, corporate banking, finance and insurance, credit and debit cards |
| Revenue |
 US$ 630 million (2012) |
|
US$ 282 million (2012) |
|
|
US$ 67 million (2012) |
|
| Total assets |
US$ 9.79 billion (2013) |
| Total equity |
US$ 600 million (2013) |
|
Number of employees
|
1,304 (June 30, 2013) |
| Subsidiaries | IBA-Moscow, International Bank of Azerbaijan-Georgia |
| Website | www.ibar.az |
| History of the International Bank of Azerbaijan |
|---|
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The International Bank of Azerbaijan is a global financial institution serving consumers, pensioners, small businesses, multi-national corporations and investors. The bank enjoys a unique position in the history of its nation: the institution has played a key role in bringing the country of Azerbaijan, a “new” country with an ancient heritage and culture, into the 21st century’s global economy.
One hundred years ago, Azerbaijan was a global economic power, producing more than half of the world's oil. Nearly a century of Soviet oppression, ending with the fall of the Soviet Union, damaged the country's economic capacity. Like many former Soviet republics, the country faced an extremely difficult task in securing its own governance and building an economy after gaining independence in 1991.
IBA's beginnings and its growth since that time have been anchored alongside the growth and rebuilding of the country, its administration and a capitalistic economy. The bank is the same age as the current independent country of Azerbaijan (both began in 1992).
After the Soviet Union dissolved, Azerbaijan's society transformed into a free-market, democratic state. Although heavily controlled and 50% owned by the country's government, the bank was able to accomplish what no other large company in Azerbaijan could: expand and connect its people and money to the larger world and partner with some of the most successful, admired, global financial brands: American Express, MasterCard, and Visa.
The bank’s growth in the period 2001-2013 has been notable. Assets have increased from 1.93 billion AZN to 7.681 billion AZN ($9.8 billion US), an increase of 397%, paralleling, but slightly better than Azerbaijan’s GDP growth of 374% (both in constant manats) over the same period. The bank’s net income increased to 126.9 million AZN last year, a 235% growth rate.
All this reinforces the International Bank of Azerbaijan’s position as a fiscal foundation and one of the leading economic engines of its country. Additionally, IBA is helping connect the country's people and businesses with those from other nations, including the United States.
In 2014, IBA holds the following rankings among banks worldwide:
According to a report issued by the bank on July 1, 2014, IBA's assets increased over 25 percent during 2014 to over AZN 8 billion. Other updated financial figures included:
In 2013, the bank's assets increased to 7.17 billion AZN. On January 1, 2014, the bank's loan portfolio amounted to over 5 billion AZN. The loan portfolio dollar amount great by 30 percent between 2012 and 2013.
Deposits at IBA have increased 20.2% since the beginning of 2012. Total deposits amount to 1.165 billion manat.
In November 2012, shareholders voted to pay over 63 percent of undistributed profits as dividends. Approximately 8.6 million manat will be paid out as dividends. For 2009, 2010, and 2010, the bank's net profit amounted to 200.958 million manat. Revenues equaled 1.2 billion manat.
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