Clients withdraw money from “AFB Bank” – The bank is operating at a loss

Earlier it was reported that 19 out of 23 banks operating in Azerbaijan announced financial statements for the first quarter of 2024.
Yeniavaz.com reports, among the banks that published financial statements, only AFB Bank suffered a loss.
AFB Bank, 99.6% of whose shares belong to the individual Ismayilov Hikmat Abuzar oglu, lost 458 thousand manats during the quarter.
The report published by the bank also shows that in the first quarter of this year, deposits of individuals in the bank decreased by 26% or 19.1 million manat, and deposits of legal entities in the first quarter decreased by 19% or 18.1 million manat compared to the same period of last year.
For information, “AFB Bank” began its activities in 2008 under the name “Azfinansbank”. The main shareholder of the bank was “Gilan Holding”, owned by family members of the Minister of Emergency Situations Kamaleddin Heydarov. Later, 99.64% of the bank’s shares were sold to Hikmat Abuzar oglu Ismayilov (100% shareholder of Azsıgorta OJSC, 31.11% shareholder of Bank of Baku OJSC).
It should also be noted that reports have repeatedly appeared in the media that the new shareholder of AFB Bank OJSC Hikmat Ismailov is the husband of the sister of the Minister of Emergency Situations Kamaladdin Heydarov, and they have not yet been refuted.

Elnur Ali