Non-interest income of Azerbaijan's Int'l Bank grows by almost 25%

Baku, Azerbaijan, Oct. 16

By Eldar Janashvili - Trend:

The International Bank of Azerbaijan (IBA) completed the third quarter of 2019 with a net profit of 322.987 million manat ($190.385 million), while the same period last year ended with a profit of 319.129 million manat ($188.111 million, Trend reports referring to the bank.

On an annualized basis, the bank increased its profit by 1.2 percent.

According to the IBA report, net interest income amounted to 262.51 million manat ($154.736 million) which indicates an increase of 20.2 percent, and was formed on the base of interest income in the amount of 334.194 million manat ($196.991 million), that shows an increase of 35.7 percent, and interest expenses of 71.684 million manat ($42.254 million), which indicates a decrease of 20.7 percent.

At the same time, in the structure of interest income, 43 percent of the share accounted for issued customer loans in the amount of 144.282 million manat ($85.047 million), that shows an increase of 12.8 percent. In the structure of interest expenses, 36 percent of the share was interest on deposits in the amount of 25.743 million manat ($15.174 million), which indicates a decrease of 37.5 percent.

Non-interest income of the bank amounted to 100.336 million manat ($59.143 million), showing an increase of 24.3 percent. At the same time, income from operations with foreign currency amounted to 42.926 million manat, which makes 42.7 percent of the share.

Non-interest expenses at the end of September 2019 amounted to 113.176 million manat ($66.708 million), showing an increase of 61.2 percent.

Meanwhile, personnel costs increased almost 1.5 times and amounted to 43.47 million manat ($25.622 million).

---

Follow the author on Twitter: @eldarjanashvili