Net profit of Azerbaijan’s AFB Bank decreases over 3 times
Baku, Azerbaijan, July 24
By Kheyraddin Nasirzade – Trend:
Net profit of Azerbaijan’s AFB Bank at the end of the second quarter of this year decreased 3.2 times compared to the first half of last year, Trend reports referring to the bank’s financial report.
The bank’s net profit at the end of June amounted to 1.677 million manats.
The profit was generated at the expense of interest income of 14.359 million manats and non-interest income of 4.733 million manats.
The bank’s interest expenses amounted to 1.186 million manats, while non-interest expenses stood at 9.51 million manats.
After deducting the target reserves in the amount of 4.651 million manats, operating income amounted to 3.744 million manats. Funds were also allocated for a special reserve to cover potential losses on assets in the amount of 2.066 million manats.
As a result, the net profit amounted to 1.677 million manats.
($1= 1.7 manats on July 24)
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