Net profit of Azerbaijan’s Premium Bank decreases almost four times

Baku, Azerbaijan, May 3

By Kheyraddin Nasirzade - Trend:

Azerbaijan’s Premium Bank OJSC completed the first quarter of 2019 with a net profit of 3.02 million manats, Trend reports with reference to the bank’s financial report.

The bank’s net profit in the first quarter last year amounted to 11.7 million manats, which is 3.9 times more than this year.

The total assets of the bank in the first three months of this year increased by 1.2 percent compared to the beginning of the year, reaching 654.1 million manats. In the asset structure, cash amounted to 35.3 million manats.

The balances on correspondent accounts in the Central Bank of Azerbaijan (CBA) decreased by 41.7 percent, reaching 10.6 million manats. Balances on “nostro” accounts increased by 31.3 percent to 13.9 million manats.

The loan portfolio increased by 0.9 percent and reached 588.03 million manats. The fixed assets amounted to 4.2 million manats. Target reserves amounted to 10.9 million manats, unchanged compared with the beginning of the year. Other assets of the bank amounted to more than 12 million manats, which exceeds the figure at the beginning of the year 2.2 times.

The total liabilities of the bank amounted to 516.8 million manats, which is 1.03 percent more than in the beginning of the year.

In the structure of liabilities, the deposit portfolio decreased slightly by 0.2 percent, reaching 465.05 million manats. In the deposit portfolio, the share of interest-free deposits on demand of individuals amounted to 82.7 million manats, the share of interest-free deposits on demand of legal entities amounted to 35.5 million manats, the share of term deposits of individuals and legal entities amounted to 346.8 million manats.

Obligations to the CBA amounted to 22.5 million manats, unchanged compared with the beginning of the year.

The volume of deposits of other banks and financial institutions increased by 26.5 percent to 16.2 million manats, of which the share of deposits of financial institutions amounted to 9.4 million manats.

The value of loans taken from other financial institutions, with the exception of banks, amounted to 4.8 million manats. Other liabilities of the bank increased by 46.1 percent to 8.3 million manats.

The total capital of the bank increased by 1.9 percent and reached 137.3 million manats.

Premium Bank has been operating in Azerbaijan since 1994. The bank started its activity under the name “Joint-Stock Commercial Bank AZAL”. In 2008, the bank changed its name to Bank Silk Way. In 2018, it was renamed to Premium Bank.

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