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Awards for Excellence 2009: Azerbaijan

Best Bank: International Bank of Azerbaijan

It has been a tough year for Azerbaijan’s economy following the fall in the oil price. Its banks too are finding life more challenging. Still, International Bank of Azerbaijan (IBA) continues to rack up impressive figures, with its net profit up 62%, total assets up 15% and tangible common equity up 93% in the period under review.

The bank’s performance, however, is susceptible to general macroeconomic trends given its position as the country’s largest lender. Moody’s recently put the bank’s local-currency deposit rating and foreign-currency subordinated debt rating on review for possible downgrade.