Azerbaijan's Silk Way Bank increases net profit almost 8 times
Baku, Azerbaijan, July 26
By Azad Hasanli – Trend:
Azerbaijan's Silk Way Bank has increased net profit by 7.8 times to 12.3 million manats in 1H2018 compared to the beginning of the year, the Bank's financial report says.
The bank finished last year with a net profit of almost 1.6 million manats. Net interest income of the bank in the reporting period amounted to 9.9 million mantas (a decrease of 62.1 percent since the beginning of the year), and operating income – to 25.89 million manats (an increase of 4.4 percent).
Administrative and general expenses of the bank amounted to 13.06 million manats. The bank has paid income tax in the amount of 269,000 manats during the first six months of this year.
The assets of Silk Way Bank amounted to 585,4 million manats as of July 1, having increased by 26.5 percent from the beginning of the year. The loan portfolio increased by 30 percent, amounting to 513.1 million manats over the same period.
The bank's liabilities increased by 31.55 percent to 468.5 million manats, in particular customer deposits - by 1.85 times to 448 million manats.
The authorized capital of the bank amounted to 104.6 million manats.
Silk Way Bank has been operating in Azerbaijan since 1994 [it was entitled then as "AZAL joint-stock commercial bank"]. The bank received its current title in 2008.
The official exchange rate as of July 24 is 1.7 AZN/USD.
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