Azerbaijan's largest bank to allocate $92mn to pay dividends for 2022

By bne IntelliNews July 4, 2023

The International Bank of Azerbaijan (ABB) OJSC, the largest bank in the country, will allocate AZN156.6mn ($92.1mn) to pay dividends to shareholders in 2022. "On July 3, the annual general meeting of shareholders of the bank was held. It was decided to pay dividends to shareholders in the amount of AZN156.6mn from the profit received in 2022," the bank said in a statement.

As previously reported, according to national standards, ABB's net profit for 2022 amounted to AZN254.3mn (an increase of 21.8% compared to 2021), according to IFRS AZN288.782mn (+2.1 times from the indicator for 2021). At the end of 2021, ABB allocated AZN125mn ($73.5mn) to pay dividends.

ABB was founded in 1992 and is the largest bank in the country. The share of the government in the capital of the bank is 96.37%, including  92.56% for the Ministry of Finance. The bank's shareholders are 18 legal entities and 1,759 individuals. The authorised capital of the bank is AZN1.225bn. It is divided into 4.53mn shares with a par value of AZN0.27 per security.

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