BANK OF BAKU
 AUDITORS REPORT AND
FINANCIAL STATEMENTS AT
31 DECEMBER 1998
Note 1 - Principal activities
The Bank of Baku ("the Bank") was established on
14 February 1994 as the commercial bank "Tugai". Upon the decision
of the shareholders, the Bank changed its name to "Bank of Baku" on
10 February 1997 and re-registered as a closed joint-stock company on 27
August 1997. The Bank operates under a general banking license and a license
for foreign currency operations granted by the National Bank of Azerbaijan
Republic ("NBAR"). The Bank is located in Baku and employed 25
people as at 31 December 1998.
Note 1 Principal Activities
Note 2 Basis of Presentation
Note 3 Significant Accounting Policies
Note 4 Cash and Short-Termshort-term funds
Note 5 Loans and Advances to Banks
Note 6 Loans and Advances to Customers
Note 7 Premises and Equipment
Note 8 Deposits From Banks
Note 9 Customer Accounts
Note 10 Other Liabilities
Note 11 Share Capital
Note 12 Accumulated Deficit / Retained earnings
Note 13 Dividends
Note 14 Fees and Commission Income
Note 15 Fees and Commission Expense
Note 16 General, Administrative and Other Operating Expenses
Note 17 Taxation
Note 18 Asset and Liability Concentration
Note 19 Fair value of Financial Instruments
Note 20 Risk Management
Note 21 Commitments and Contingent Liabilities
Note 22 Reconciliation of Azeri Accounting Rules to International. Accounting Standards
Note 23 Related Party Transactions
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