The Georgian branch of the International Bank of Azerbaijan (IBA) on Tuesday reported assets growing by 20.5 percent over the course of 2014.
The growth of assets netted the bank $67.31 million as of Jan. 1. The bank also saw increases in its overall capital and loan portfolio. Net profit for the branch was approximately $960,000 in 2014. Capital for the Georgian branch amounted to approximately $12.7 million, and the IBA system amounted to approximately $18.8 million.
Term deposits doubled, according to the report, reaching $6.8 million.
The IBA is one of the largest financial institutions in Azerbaijan and the largest that deals in international financial affairs and transactions. It has received numerous awards for being a quality bank for many years. The Georgian subsidiary was opened in 2007 in Tbilisi and is a member of the Tbilisi Interbank Stock Exchange, the Association of the Banks of Georgia and the Banking Association for Central and Eastern Europe.