Azerbaijan's Turanbank finishes 1Q2019 with profit
Baku, Azerbaijan, May 14
By Kheyraddin Nasirzade - Trend:
Azerbaijan's Turanbank completed the first quarter of 2019 with a profit of 109,000 manats, Trend informs referring to the financial report of the bank.
The bank completed the first quarter of last year with losses of 216,000 manat.
According to the report, the bank's interest income in January-March 2019 amounted to 7.986 million manats, non-interest income - 664,000 manats. The bank’s interest expenses amounted to 5.406 million manats, non-interest expenses - 3.687 million manats.
The total assets of the bank at the end of March 2019 amounted to about 500.2 million manats, which is 1.03 percent more compared to March 2019. In the bank's assets, cash amounted to 36.479 million manats, which is 70.6 percent more compared to March 2019. Balances on nostro accounts decreased by 12.9 percent to 70.8 million manats. The volume of deposits in financial institutions, including other banks, decreased by 31.8 percent to 41.5 million manats. Investment in securities has decreased significantly, almost seven times, to 3.9 million manats. The volume of loans and leases increased by 15.6 percent and reached 314.7 million manats. Fixed assets with intangible and other assets of the bank increased by 3.8 percent and amounted to 31.9 million manats.
The total liabilities of the bank at the end of the first quarter of 2019 increased by 1.12 percent compared to the same period last year to 441 million manats. The volume of deposits and loans taken from other banks and financial institutions decreased by 3 percent and reached 202.7 million manats. The volume of the bank’s client deposit portfolio increased by 4.9 percent to 235.8 million manats.
The total capital of the bank increased by 27.3 percent to 70 million manats. The shareholders of the bank on January 14, 2019 made a decision to increase the authorized capital by 15 million manats by placing an additional issue in the amount of 13,864 shares with a par value of 1,082 manats for one security.
TuranBank has been operating in Azerbaijan since 1992.
Follow the author on Twitter: @1nasirzade