CBA publishes consolidated financial statements for 2023

22-05-2024

22 May 2024, Baku: Consolidated financial statements of the Central Bank of Azerbaijan (CBA) for 2023 have been published.

According to the report, as of 1 January 2024 CBA’s assets amounted to 34 billion 793,463 million manats, y.o.y. up by 12,74 %.

27 billion 46,827 million manats of CBA’s assets are debt securities (y.o.y. up by 22,8 %), 5 billion 629,471 million manats are cash and cash equivalents (down by 14,5 %). Special drawing rights with the IMF slightly increased to 1 billion 208,132 million manats and loans to banks decreased by 74,8 % to 72,951 million manats.

Liabilities increased by 11,2 % to 33 billion 239,248 million manats. Money in circulation increased by 17,7 % to 17 billion 318,195 million manats. Amounts due to credit institutions increased by 5,7 % to 6 billion 521,107 million manats, amounts due to government organizations decreased by 12,2 % to 3 billion 759,175 million manats, and liabilities on the transactions with the IMF slightly increased to 1 billion 211,857 million manats.

Total equity of the institution increased by 1.6 times to 1 billion 554,215 million manats. Charter capital remained unchanged at 500 million manats. Thus, the CBA ended 2023 with a net profit of 349,113 million manats (loss last year).

Interest income amounted to 515,327 million manats (y.o.y up by more than 2,3 times), interest expenses amounted to 299,649 million manats (up by more than 1,8 times). Fee and commission income stood at 28,371 million manats (down by 12,5 %), fee and commission expense 3,330 million manats (down by 10,0 %), administrative and other operating expenses 113,320 million manats (down by 1,6 %). Gain on recognition of financial liabilities was 47,892 million manats (down by 18,9 %), net gains/(losses) from debt securities at fair value through profit or loss reached 34,465 million manats (loss last year), net gains/(losses) from disposals of securities measured at fair value through other comprehensive income reached 101,931 million manats (loss last year). Impairment of debt securities at fair value through other comprehensive income amounted to 470 thousand manats (down by 39,4 %), net gains from investments in money market funds at fair value through profit or loss amounted to 13,548 million manats (up by more than 3,0 times), net gains/(losses) from foreign exchange translation 48,801 million manats (loss last year). (Provision for)/recovery of impairment loss amounted to 25,137 million manats (Income recognized as reserves were replenished in the previous year).

Transfer to the State Budget was nil in 2023 according to the report.

Staff costs amounted to 37,241 million manats, y.o.y. up by 14,6 %. As of 1 January 2024, cost of land, buildings and equipment amounted to 353,449 million manats, y.o.y. up by 22,8 %.

Consolidated financial statements of the CBA for 2023 have been published on the Bank’s official website.