Azerbaijani bank’s net profit totals 5.17M manats

Business Materials 29 August 2017 15:18 (UTC +04:00)

Baku, Azerbaijan, Aug. 29

By Anvar Mammadov – Trend:

Azerbaijan’s Xalq Bank OJSC made a net profit of 5.17 million manats in 1H17, says the bank’s report.

Interest income of the bank amounted to 50.57 million manats, while interest expenses totaled 14 million manats. Non-interest income of Xalq Bank reached 5.55 million manats, and non-interest expenses amounted to 17.46 million manats in 1H17.

The bank’s assets increased by 7.6 percent and amounted to 1.85 billion manats in the period, as compared to January-June 2016. A major part of assets accounted for loan portfolio that totaled 1.34 billion manats, decreasing by 4.3 percent as compared to late June 2016.

Liabilities of the bank rose by 7.4 percent during a year and amounted to 1.6 billion manats. About 77 percent of liabilities accounted for deposit portfolio, which went up by 7.9 percent and amounted to 1.23 billion manats. Liabilities of Xalq Bank to the Central Bank of Azerbaijan totaled 31.49 million manats, decreasing by 0.03 percent as compared to late June 2016.

As of June 30, 2017, the bank’s authorized capital totals 211.65 million manats. The aggregate capital increased by 6.5 percent during a year and amounted to 243.73 million manats.

Xalq Bank OJSC has been operating in Azerbaijan’s banking sector since 2004.