PASHA Bank's Turkish affiliate's net income from fees, commissions triple

Economy Materials 19 May 2023 10:54 (UTC +04:00)
Sadraddin Aghjayev
Sadraddin Aghjayev
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BAKU, Azerbaijan, May 19. Net income from fees and commissions of PASHA Yatırım Bankası A.Ş. (Azerbaijani PASHA Bank's Turkish affiliate) increased by 2.78 times in 2022, Board Member of PASHA Bank Murad Suleymanov said at a press conference on the last year’s results, Trend reports.

According to Suleymanov, this figure amounted to 5.45 manat or $3.2 million (compared to 1.96 million manat or $1.15 million in 2021).

"Interest income of PASHA Yatırım Bankası A.Ş. last year increased by 2.8 percent or 1.18 million manat ($690,000) - from 1.96 million manat to 5.45 million manat ($3.2 million). Income from the bank's foreign exchange operations in 2022 decreased by 47.4 percent - from 3.2 million manat ($1.8 million) to 1.7 million manat ($1 million)," he noted.

The board member stressed that the operating income of PASHA Bank’s Turkish affiliate increased by 14.4 percent or 4.07 million manat ($2.39 million) and amounted to 32.4 million manat ($19.06 million).

Besides, the affiliate bank's total operating expenses last year amounted to 9.38 million manat ($5.5 million), which is 9.5 percent or 986,000 manat ($580,000) less than in 2021 (10.36 million manat or $6.09 million).

"The bank's losses for the 2022 financial year amounted to 11.35 million manat ($6.68 million). PASHA Bank in Türkiye completed the previous financial year with a profit of 9.39 million manat ($5.52 million),” Suleymanov noted.

The number of the affiliate’s employees decreased by five percent - from 60 people to 57 in 2022, the board member added.