Azerbaijan’s Xalq Bank greatly increases profit
Baku, Azerbaijan, Oct. 23
In the third quarter of 2018, Azerbaijan’s Xalq Bank OJSC demonstrated a stable growth in terms of the main financial indicators, the bank said in a message.
Compared to the beginning of 2018, the bank’s assets grew 7.02 percent or 127.365 million manats and amounted to 1.941 billion manats. The total capital in the first nine months of this year increased by 12.910 million manats or 5 percent and amounted to 271.181 million manats.
Compared to the same period in 2017, there was an increase in interest income by 9.72 percent and a decrease in interest expenses by 11.6 percent, which resulted in the growth of net interest income by 17.38 percent.
Over the nine months, the bank’s net interest income amounted to 65.634 million manats.
Xalq Bank completed the third quarter of 2018 with a profit of 17,959 million manats, which is 36.84 percent more than the figure for the same period of 2017.
The results of the financial and economic activities of Xalq Bank for 2018 once again confirm the leading position of the bank in the banking sector of Azerbaijan.
Xalq Bank began operating in Azerbaijan in 2004. Presently, the bank provides clients with a full range of banking services through 29 branches with 605 employees, being one of the biggest banks in Azerbaijan.
(1.7 AZN = 1 USD on Oct. 23)