The International Bank of Azerbaijan (IBA) said on Thursday that consumer deposits did not increase significantly, despite savings from income tax code changes.

At the end of 2014, the Azerbaijan General Assembly amended the tax code so that income over $500 would be taxed at 10 percent. Despite this, banks didn't report any rise in deposits.

In the report, the bank also said the full effect of the updated tax code may not be apparent until later in the first quarter of this year. As of Oct. 1, 2014, the bank reported approximately $2.04 billion in total deposits. The bank saw a slight increase between then and Jan. 1, to $2.043 billion.

The IBA is one of the largest financial institutions operating in Azerbaijan, dealing in domestic and international areas of the banking and financial sectors.