Baku, Azerbaijan, July 5
By Kheyraddin Nasirzade - Trend:
The net profit of Azerbaijan’s Rabitabank by the end of 2018 amounted to 11.933 million manats, which is 42.8 times more than in the previous year, Trend reports referring to the audited report of the bank, prepared by KPMG Audit Azerbaijan.
According to the report, interest income over the year increased by 43 percent, reaching 37.988 million manats. After deducting interest expenses worth 12.924 million manats, net interest income amounted to 25.064 million manats, which is almost twice as much as in the previous year.
After deducting expenses for creating reserves to cover potential losses on assets worth 3.527 million manats, net interest income before paying contingent expenses related to taxes and banking increased significantly 5.6 times, reaching 28.591 million manats.
Commission income of the bank decreased by 15.3 percent, reaching 7.915 million manats. After deducting commission expenses worth 3.813 million manats, net commission income increased by 6.6 percent to 4.102 million manats.
According to the report, revenues from foreign exchange operations decreased 2.9 times, reaching 2.429 million manats. As a result, operating profit grew more than twice, amounting to 35.078 million manats.
During the reporting period, the bank significantly increased staff costs by 45.9 percent, allocating 12.895 million manats. General and administrative expenses increased by 31.1 percent, reaching 8.759 million manats.
The bank’s net profit for the reporting period amounted to 11.933 million manats.
(1.7 manats = 1 USD on July 5)
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