OREANDA-NEWS. June 26, 2013. A general meeting of shareholders of OJSC International Bank of Azerbaijan (IBA), made a decision to pay dividends for 2012 and recapitalize part of net profit.

The general meeting confirmed the overall profit for 2012 at the level of AZN 58.5 million and net income at AZN 52.9 million. In accord with the meeting decision AZN 14.1 million or 5.2% per share will be directed for payment of dividends, another AZN 28.3 million for increasing the share capital and AZN 16 million was left as retained earnings. Besides, current IBA chairman of board Jahangir Hajiyev was re-elected at the meeting for the next four years.

The Bank now serves 967,759 clients, and its customer base has grown 37 times over the last 12 years. At that, IBA assets grew 25-fold, loan portfolio 30-fold, customer deposits 58-fold, and authorized capital 148-fold.

For comparison, in 2011 the Bank directed only AZN 8.6 million for payment of dividends.

Moreover, by decision of the shareholders, acting chairman of board of the IBA Jahangir Hajiyev was re-elected for this post for the next term.

Under Bank’s Charter, the chairman of board is elected for a term of 4 years.