Azerbaijani bank’s net profit down

Finance Materials 2 May 2019 20:08 (UTC +04:00)

Baku, Azerbaijan, May 2

By Kheyraddin Nasirzade – Trend:

Azerbaijan’s AFB Bank completed the first quarter of 2019 with a net profit worth 110,700 manats, Trend reports on May 2 referring to the bank’s financial report.

For comparison, the net profit of the bank amounted to 5.2 million manats in the first quarter of 2018.

According to the report, the total assets of the bank decreased by 19.9 percent to 373.5 million manats in January-March 2019 compared to January-March 2018. The bank’s cash decreased by 28 percent to 36.7 million manats.

The funds on correspondent accounts in the Central Bank of Azerbaijan (CBA) decreased by almost 6.7 times to 8.4 million manats, funds on nostro accounts decreased by 34 percent to 20.1 million manats, funds in other banks and financial institutions decreased by 1.6 times to 37.9 million manats.

The investments made in securities decreased by 19.7 percent, reaching 67.2 million manats. The volume of the loan portfolio after deducting target reserves decreased by 4.9 percent to 162.8 million manats. The fixed assets of the bank increased by almost 7.9 times up to 19.6 million manats.

The total liabilities of the bank decreased by 27.6 percent to 285.5 million manats for the year. In the structure of the bank’s liabilities, 161.1 million manats (a decrease by more than 35 percent) accounted for the share of customer deposits.

The volume of deposits of other banks and financial institutions increased by 15.3 percent up to 24.5 million manats. The volume of loans taken from financial institutions, excluding banks, amounted to 92.4 million manats, which is 13.6 percent less than in the same period of 2018. Other liabilities of the bank increased by 13.3 percent up to 7.5 million manats.

The authorized capital of the bank is 70.39 million manats, the total capital - 85.4 million manats.

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(1.7 AZN = 1 USD on May 2)