Azerbaijan's TuranBank reaches profitability in 2018

Finance Materials 15 January 2019 20:58 (UTC +04:00)

Baku, Azerbaijan, Jan. 15

By Taleh Mursagulov – Trend:

Azerbaijan's TuranBank completed the fourth quarter of 2018 with a profit worth 70,000 manats, Trend reports referring to the bank’s financial report on Jan. 15.

TuranBank’s losses amounted to 725,000 manats in the fourth quarter of 2017.

At the end of the quarter, the bank's interest income reached 30.93 million manats (29.48 million manats a year earlier), non-interest income reached 2.99 million manats (4.16 million manats). The bank's interest expenses amounted to 21.22 million manats (20.41 million manats), non-interest expenses - 11.97 million manats (12.81 million manats).

TuranBank’s total assets during the reporting period amounted to 492.6 million manats, increasing by almost 3.2 percent for the year.

In the asset structure, 36.36 million manats accounted for cash (54.23 million manats a year earlier). About 72.89 million manats are on nostro accounts in other banks (73.54 million manats). TuranBank’s deposits in financial institutions decreased from 48.65 million manats to 33.68 million manats.

The bank's loan portfolio in the fourth quarter of 2018 amounted to 313.08 million manats, which is almost 17.36 percent more than in the last quarter of 2017. During the reporting period, the volume of bank investments and equity participation in other companies amounted to 620,000 manats (620,000 manats a year earlier).

In the reporting period, 83.9 percent (272.35 million manats) of all loans issued by TuranBank accounted for Absheron economic region, 10.3 percent (33.5 million manats) - for Ganja-Gazakh, 2.6 percent (8.4 million manats) - for Aran, 1.1 percent (3.7 million manats) - on Guba-Khachmaz, 0.8 percent (2.6 million manats) - Lankaran, 0.6 percent (2.08 million manats) - Sheki-Zagatala, 0.4 percent (1.18 million manats) - Upper Karabakh, 0.1 percent (434,000 manats) - Shirvan.

The total liabilities of the bank amounted to 433.47 million manats compared to 418.35 million manats a year earlier. The biggest part of the liabilities accounted for the deposit portfolio - 253.79 million manats, which increased by 11.63 percent for the year.

TuranBank's liabilities to other banks and financial institutions amounted to 176.84 million manats. The bank paid off its liabilities worth 11.546 million manats for the year.

TuranBank’s share capital reaches 55 million manats, the total capital - 64.16 million manats.

(1.7 AZN = 1 USD on Jan. 15)


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