Azerbaijani-Turkish bank more than doubles net profit
Baku, Azerbaijan, July 29
By Kheyraddin Nasirzade – Trend:
Following the results of the second quarter of 2019, the Azerbaijani-Turkish Azer-Turk Bank increased its net profit by 2.2 times compared to the second quarter of the previous year, Trend reports referring to the bank’s financial report.
According to the report, profit was formed at the expense of interest income in the amount of 10.763 million manats and non-interest income in the amount of 4.792 million manats, among which commission income amounted to 3.969 million manats and foreign exchange operations amounted to 822,743 manats.
Interest expenses amounted to 3.694 million manats, while non-interest expenses amounted to 1.725 million manats. As a result, operating income amounted to 10.289 million manats.
After the deduction of administrative expenses in the amount of 9.515 million manats, the bank’s net profit amounted to 773,846 manats.
Azer-Turk Bank was established in May 1995. The bank’s main shareholder is the State Property Issues Committee of Azerbaijan (75 percent). The bank’s shareholders also include Turkey’s Ziraat Bank, Azerbaijan’s AzRe Tekrarsigorta reinsurance company and Azerbaijan’s Qala Heyat Sigorta specialized life insurance company.
Follow the author on Twitter: @1nasirzade