Profitability of Azerbaijan’s Gunay Bank decreases

Finance Materials 6 February 2019 16:12 (UTC +04:00)

Baku, Azerbaijan, Feb. 6

By Taleh Mursagulov – Trend:

Azerbaijan’s Gunay Bank completed the fourth quarter of 2018 with a profit of 1.29 million manats, which is 3.2 times less than in the same period of 2017, Trend reports Feb. 6 with reference to the bank’s financial report.

Following the fourth quarter of 2018, the bank’s interest income reached 8.89 million manats (6.92 million manats a year earlier) and non-interest income reached 9.2 million manats (8.5 million manats). The bank’s interest expenses amounted to 4.02 million manats (3.81 million manats) and non-interest expenses amounted to 7.28 million manats (4.31 million manats).

The total assets of Gunay Bank during the reporting period amounted to 191.2 million manats, decreasing by 0.52 percent over the year.

In the asset structure, 11.36 million manats accounted for cash (15.75 million manats a year earlier). About 6.74 million manats of the bank were on a correspondent account in the Central Bank of Azerbaijan (31.14 million manats), and more than 1.95 million manats were on “nostro” accounts in other banks (12.95 million manats).

The bank’s loan portfolio following the fourth quarter of last year amounted to 146.11 million manats, which is 4.74 percent more than in the last quarter of 2017.

The total liabilities of the bank amounted to 129.86 million manats compared to 131.93 million manats a year earlier. The biggest part of liabilities accounted for the deposit portfolio - 70.46 million manats, which decreased by 18.13 percent over the year.

Gunay Bank’s liabilities to the Central Bank of Azerbaijan amounted to 6 million manats. During the year, the bank fulfilled its commitments for 100,000 manats.

The share capital of Gunay Bank is 64.91 million manats and the total capital is 61.26 million manats.

(1.7 manats = $1 on Feb. 6)


Follow the author on Twitter: @TalehMursagulov