Baku, Azerbaijan, July 11
By Kheyraddin Nasirzade – Trend:
Net profit of Azerbaijani subsidiary of Turkey’s Ziraat Bankasi in the second quarter of 2019 increased by 58.6 percent compared to the same period last year, reaching 1.8 million manats, Trend reports with reference to the financial report of the bank.
The subsidiary’s interest income as of June 30 this year, amounted to 8.982 million manats, which is by almost 50 percent more than last year. At the same time, interest on loans increased by 64.3 percent to 7.592 million manats. The subsidiary’s interest expenses for the reporting period amounted to 2.28 million manats, which is by 7.8 percent more than last year. As a result, interest income amounted to 4.677 million manats.
Non-interest income during the reporting period decreased by 34.5 percent to 1.644 million manats. Non-interest expenses increased by 16.3 percent, amounting to 3.965 million manats. As a result, operating income at the end of June decreased by 20.8 percent, reaching 2.396 million manats.
After deducting income tax worth 43,000 manats, the net profit of the bank amounted to 1.803 million manats.
(1 USD = 1.7 AZN on July 11)
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