OREANDA-NEWS. October 07, 2008. When summing up the third quarter results, the experts of IBA might have once again felt pride in the job they have done, because such growth rates are quite a rarity in the contemporary financial world, reported the press-centre of IBA.

And whereas the world economic crisis continues for already a year, the equity markets are collapsing, the bank assets are frozen, the banks, one after other, file for their bankruptcy, and a number of European financial companies have appeared to be on the verge of a crash, the International Bank of Azerbaijan actively continues its operations and, by stepping up the growth rates, strengthens its dominance in the country's financial and credit market.

Apart from the fact that its accountable figures make up a considerable portion in the overall statistics of entire banking sector, as always, the indicators of steady growth are also observed. During the third quarter of current year alone, the indicators of IBA's financial and economic activity exceeded the results of operations for the entire year of 2005.

Over a period of three months the Bank's profit totaled 29,229,506 manats. In comparison with figures for the similar period of 2007, the amount of profit grew by 10,170,897 manats, or by 53.4%.

Meanwhile, in total amount of revenues, which, in the third quarter, totaled 104,164,898 manats (a 49% growth in comparison with the last year, in which the revenues amounted to 69,881,274 manats), the share of interest received with respect to transactions accounted for 75,872,372 manats including the interests on credits issued to individuals and legal entities - 64,087,274 manats, and interests on funds deposited in the banks - 4,758,378 manats.

Beginnings of October this year the amount of fund obtained by IBA from individuals and legal entities totaled 2,384,898,682 manats, while beginnings of October 2007 this indicator was equal to 1,618.2 million manats. Thus, over the past year the volume funds attracted by IBA increased by 766.7 million manats, or by 47.4%.

The country's population as ever actively banks with IBA. At the present time, the services rendered by the Bank, primarily in the call for funds market, are utilized by all segments of population including the low-income groups.

The offered types of deposits are focused on the task groups of clients with the different levels of income and social security. At the same time, in the context of its social mission, as well as the formed behavioral patterns and motives for making savings of the above mentioned groups of population, with respect to them the Bank takes the well-balanced approach towards fixing the privileged interest rates on deposits, tries to stimulate their savings activity.

And, consequently, in the total amount of borrowings the share of household deposits accounted for 478,816,697 manats, up by 29.9% as compared to the beginnings of October last year.

Whereas the financing of large-scale projects demonstrated, in addition, the ability of Azerbaijan to attain the most serious investment objectives independently, without foreign investments. The economic climate in the country and the well-balanced policy in formation of liabilities enables IBA to secure the attraction sufficiently inexpensive financial resources domestically.

The demand for financial resources ever more fully covered out of internal sources. Nowadays IBA is the largest creditor in the national economy: its share in crediting the real sector of economy makes about 42%.

The structure of IBA's loan indebtedness reflects the broad sector diversification. To date the total volume of IBA's advances portfolio amounts to 2,751,568,936 manats. Whereas last year the volume of portfolio totaled 1.4 billion manats.

Furthermore, the revenues from the banker's commission and the revenues from the services rendered by it to the clients totaled 28,507,535 manats. A 21.2% growth year on year. At the same time, the expenditures of IBA for the third quarter totaled 74,935,392 manats, where the share of interest on deposits accounted for 30,753,808 manats, while the last year it equaled to 17.9 million manats.

IBA proudly reported about a 79% increase in assets of the Bank in comparison with the last year. As of today the Bank's assets reached 4,171,635.8 thousand manats, the book value of equity increased by 81%. The enormous rates of growth, indeed.