Net profit of Ziraat Bank Azerbaijan almost doubles in 3Q2019
Baku, Azerbaijan, Oct. 11
By Eldar Janashvili - Trend:
Ziraat Bank Azerbaijan completed the third quarter of 2019 with a net profit of 3.008 million manat ($1.773 million), while the net profit at the end of the same period in 2018 was 1.604 million manat ($945,480), Trend reports referring to the bank.
On annual basis, the bank increased its profit by 87.5 percent.
According to the bank's report, net profit was generated from interest income of 13.019 million manat ($7.674 million), which indicates an annual growth of 35.7 percent and non-interest income of 2.761 million manat ($1.627 million), which shows an annual decrease of 20.4 percent.
Interest expenses at the end of September 2019 amounted to 3.53 million manat ($2.080 million), which indicates an increase of 11.4 percent, while non-interest expenses stood at 5.969 million manat ($3.518 million), which shows an increase of 7.8 percent.
Operating profit amounted to 3.938 million manat ($2.321 million), which is 9.6 percent less compared to 4.358 million manat ($2.568 million) in the same period last year.
Deductions for the creation of a special reserve to compensate for possible losses on assets amounted to 844,000 manat ($497,497), having decreased by almost three times compared to the same period last year.
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