Iranian Bank Melli’s Baku branch restores its profitability

Business Materials 24 July 2017 13:54

Baku, Azerbaijan, July 24

By Azad Hasanli – Trend:

Net profit of Baku branch of the Iranian national bank, Bank Melli Iran, exceeded 743,600 manats in 1H17, according to the bank’s balance sheet.

Revenues of the bank amounted to 1.74 million manats in the period, while expenses totaled 998,930 manats. A major part of the expenses – 785,200 manats – accounted for administrative expenses.

The bank completed 2016 with a loss of 29.27 million manats.

Assets of the bank totaled 87.64 million manats in January-June 2017, or 8.9 percent more than in same period of 2016.

The bank has reduced loan issuance since early 2017, by 37.15 percent to 4.5 million manats. The bank’s investments in securities amounted to 14.4 million manats (12.4 million manats as of January 1, 2017), while investments in property and equipment were almost 3.66 million manats.

The bank has also significantly reduced its liabilities. Their volume decreased from 58.56 million manats to 25.3 million manats in 1H17. Meanwhile, the clients’ deposits went down by 6.8 percent to 2.2 million manats.

During the period, the bank increased its authorized capital from 51.4 million manats to 73.6 million manats.

Bank Melli Iran has been operating in Azerbaijan since 1993.

(1.7012 manats = $1 on July 24)