AZERBAIJAN

In the past three years, the International Bank of Azerbaijan (IBA) has been able to triple its equity, maintain strong performances and strengthen its already dominant position in the banking sector. 2005 was the most successful year in the bank’s history with net profits rising by 46.3%, RoE staying solid at 29.7% and total assets increasing by 33.8%.

According to IBA’s analysis, the bank accounted for 51.3% of the assets of the total banking sector at the beginning of 2006, 33.2% of total individual savings and 53.5% of the country’s total loan portfolio. In 2005, it opened credit lines with France’s Société Générale, signed a syndicated loan agreement with Citigroup and Commerzbank for $56m, and is planning a large Eurobond issue in early 2007.

In the retail banking sector, IBA continues to dominate deposits, and had a 27.3% increase in the first four months of 2006. The bank’s Visa card numbers reached 573,000 in 2005, an increase of 57%.