OREANDA-NEWS. April 14, 2009. In 2008, the pre-tax profit of "IBA-Moscow", a subsidiary of the "International Bank of Azerbaijan" operating in Russia, was up by 69% totaling 164 million rubles or around 5.582 million in dollar equivalent. This has been stated in today's report issued by the press-service of affiliated bank, reported the press-centre of IBA.

According to the audited results of "IBA-Moscow" financial performance, at the year-end of 2008, the Bank's capital increased by 17% and amounted to 1,012 million rubles or 34.445 million US dollars. At the same time, the volume of assets of "IBA-Moscow" reached 9,858 million rubles or 335.53 million US dollars, according to the effective exchange rate at the end of December 2008.

In comparison with the figures for 2007, the assets of IBA's affiliated bank increased by 39% in a ruble equivalent. In 2008, the Bank's credit portfolio reached 7,155 million rubles (US243.529 million), up by 57% as compared to its level in 2007. At the same time, the volume of issued interbank credits increased by 18% and amounted to 5,981 million rubles (US203.571 million), while the volume of transactions with respect to the bill of exchange and bonds issued by the Russian banks and companies totaled 191 million rubles (US65 million).

The services on cash transfers between Russia and Azerbaijan without setting up the bank account are one of the most needed, popular and fast growing services of the Bank. In 2008, the volume of cash transfers increased by 14%, amounting to 113 million US dollars. The number of transfers was around 67 thousand.

According to the audited financial statement for 2008, the Bank carried out an active issue of its own cards under the following two systems - "Visa" (the accounts are opened in rubles and US dollars) and "MasterCard" (the accounts are in rubles, US dollars, and euro). By the end of 2008, around 17 thousand cards had been issued. In terms of this indicator, "IBA-Moscow" has surely been reckoned among 100 major issuers in the Russian Federation.

In 2008, the affiliated bank of IBA gave particular attention to the attraction of fixed-term deposits from individuals. Thus, owing to the development of product lines with respect to deposits, "IBA-Moscow" has introduced the new kinds of high-yielding deposits, enabling to increase the volume of corporate deposits up to the level of 590 million rubles (US20.081 million), while the volume of deposits from individual clients - up to 726 million rubles (US24.710 million).

It is also worthwhile to mention, that "IBA-Moscow" has gained a foothold in three most economically developed regions of Russia, where live more than 70% of all Russian citizens of Azerbaijani descent, and where more than 75% of the business connected with Azerbaijan is concentrated. The Bank's network currently numbers 12 branch offices.

It is appropriate to recall that "IBA- Moscow" is the first and the only bank with a 100% Azerbaijani capital that operates on the territory of the Russian Federation. Being a universal financial institution with a regional network, offering a wide spectrum of products and services, and in terms of such indicators as the "assets", "credit portfolio", credits issued to legal entities", "IBA-Moscow" is reckoned among 200 major Russian banks. According to the special statement issued by its press-service, in 2008, "IBA-Moscow" implemented the new Strategic Development Plan, pursuant to which within the next 2 years the bank intended to join the club of "TOP150".