Baku, Azerbaijan, March 4
By Kheyraddin Nasirzade - Trend:
Azerbaijan’s Expressbank ended 2018 with a loss of 23.76 million manats, Trend reports with reference to the bank’s financial report.
For comparison, the bank completed the 2017 with a profit of 2.03 million manats.
During the reporting period, the bank’s revenues amounted to 44.5 million manats, including 31.7 million manats of interest income and 12.8 million manats of operating income.
The bank’s expenses amounted to 68.25 million manats. In the expenditure structure, the major part accounted for general and administrative expenses (26.1 million manats), as well as the creation of reserves (almost 25 million manats).
The report notes that the growth in reserves is associated with loans that were previously issued to two major corporate clients.
Over the year, the total assets of the bank increased by 25 percent, reaching 395.2 million manats. The loan portfolio increased by 32.56 percent, reaching 222.2 million manats. In the structure of the loan portfolio, 129.03 million manats accounted for loans to individuals (73.06 million manats in 2017).
The loan portfolio for legal entities amounted to 93.16 million manats. Most of these loans were used to finance projects in the industry (45.3 million manats) and construction (31.86 million manats). Another 14.03 million manats accounted for loans in the sphere of trade and services, 1.56 million manats - agriculture.
The total liabilities of the bank over the year increased from 170.02 million manats to 275.86 million manats, the deposit portfolio grew 60.87 percent, to 233.15 million manats.
The authorized capital of the bank decreased from 144.3 million manats to 119.35 million manats.
Expressbank has been operating in Azerbaijan since 1989 (at that time it was called Azernaqliyyatbank).
(1.7 manats = 1 USD on March 4)