The International Bank of Azerbaijan announced on Monday that it was recognized as the country's best bank by Global Finance magazine.

The main criteria for the selection process were growth in assets, profitability, strategic development, customer service and innovative products related to competitive advantage.

IBA's assets increased 21.7 percent year-on-year to $7.17 billion in 2013. The bank's loan portfolio increased 30.5 percent to $5.03 billion and the amount of deposits in the bank totaled $1.6 billion, an increase of 22.2 percent.

Global Finance, which first published in 1987, has a circulation of 50,000 in 163 countries. The magazine is headquartered in Washington and has offices in London, Rio de Janeiro and Milan.

The International Bank of Azerbaijan is the largest bank in Azerbaijan. It was established in 1992. The government owns 50.2 percent of the bank's capital, while 49.8 percent is owned by private shareholders.