Azerbaijan’s AGBank finishes 2Q2019 with loss
Baku, Azerbaijan, July 26
By Kheyraddin Nasirzade – Trend:
Azerbaijan’s AGBank completed the second quarter of 2019 with a loss of 897,430 manats, Trend reports referring to the bank’s financial report.
The bank’s losses for the same period of the previous year amounted to 5.139 million manats.
According to the report, interest income for late June of 2019 amounted to 6.939 million manats, and non-interest income to 14.928 million manats. Interest expenses amounted to 10.424 million manats, and non-interest expenses to 16.876 million manats.
As a result, the operating loss amounted to 5.433 million manats.
The created special reserve for covering possible losses of assets in the amount of 4.968 million manats could not fully cover the loss.
As a result, the bank’s net loss for the reporting period amounted to 897,430 manats.
The bank's own capital over the reporting period increased by 18.7 percent to 51.251 million manats. Share capital amounted to 103.8 million manats, and uncovered loss to 62.708 million manats. Meanwhile, capital reserves decreased by 37.2 percent to 3.3 million manats.
Follow the author on Twitter: @1nasirzade