Azerbaijani bank almost doubles net profit
Baku, Azerbaijan, July 15
By Kheyraddin Nasirzade –Trend:
In the second quarter of 2019, Azerbaijan’s Kapital Bank increased its net profit by 1.8 times compared with the same period last year, Trend reports with reference to the bank’s financial report July 15.
The bank’s net profit amounted to 73.192 million manats as of July 1 this year, according to the report.
The bank’s interest income for the reporting period amounted to 189.925 million manats, which is 26 percent more than last year, reads the report. After deducting interest expenses worth 31.999 million manats, interest income increased over the year by 41.2 percent, amounting to 157.926 million manats.
The bank’s non-interest income for the reporting period increased by 7.9 percent to 76.137 million manats. Non-interest expenses, in turn, increased by 28 percent, reaching 96.632 million manats.
As a result, the bank’s operating profit by the end of the first half of this year amounted to 137.43 million manats, which is 28.5 percent more than last year.
After deducting the target reserves to cover possible losses in the amount of 44.571 million manats and tax on profit of 19.667 million manats, the bank’s net profit amounted to 73.192 million manats.
(1.7 manats = 1 USD on July 15)
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