Baku, Azerbaijan, Oct. 20
Assets of Azerbaijan’s Xalq Bank OJSC increased by 8.2 percent and totaled 1,805.244 million manats in nine months of 2017, according to the bank’s message.
The net interest income of the bank increased by 13 percent and amounted to 56.995 million manats, operating income - 2.53 million manats in January-September 2017 as compared to the same period of 2016.
It is worth noting that the positive trend in net interest income of the bank is a result of diversification of income assets and lowering costs. By comparing the interest income from securities for the reporting period and the same period of 2016, it can be noted that there is growth in income from 176,000 manats to five million manats.
Xalq Bank kept profitability throughout 2017 and completed the third quarter with a profit of 13,124,660 manats.
The bank’s authorized capital increased by 6.35 percent during the year and amounted to 225,078,600 manats. The total capital increased by 10.75 percent up to 251,843,620 manats as compared to 2016.
Meanwhile, Xalq Bank allocated reserves totaling 25.051 million manats during 2017 to cover possible losses. The bank increased the total amount of reserves up to 127.897 million manats.
As a result of effective and timely measures, the volume of overdue loans in the loan portfolio decreased by 21 percent, amounting to only 63.461 million manats.
The loan and deposit portfolios of the bank were optimized, amounting to 1,285.399 million manats and 1,186.445 million manats, respectively.
The results of financial and economic activity of Xalq Bank OJSC during 2017 once again confirm the leading positions of the bank in the banking sector of Azerbaijan. Xalq Bank is one of the leading banks of the country, ranking in the top three.