Azerbaijani AGBank’s operating expenses reach 26M manat
Baku, Azerbaijan, Oct. 20
By Eldar Janashvili – Trend:
The Azerbaijani AGBank completed the end of September 2019 with a net loss of 2.283 million manat, Trend reports referring to the bank’s balance sheet.
The bank completed the end of September 2018 with a loss of 6.122 million manat. The bank reduced the loss by 2.7 times since early 2019.
According to the bank’s balance sheet, the net interest loss amounted to 3.854 million manat and was formed through interest income of 10.05 million manat (a decrease of 26.6 percent for the year) and interest expense of 13.905 million manat (a seven percent increase for the year)
The bank’s non-interest income amounted to 23.578 million manat (an increase of 0.5 percent). The non-interest expenses amounted to 25.984 million manat (a decrease of five percent) in the end of September 2019. An operating loss in the amount of 6.261 million manat was formed from the non-interest expenses, which doubled on an annualized basis.
The expenses for creating special reserves to compensate potential losses on assets increased by 57.8 percent and amounted to 4.420 million manat in the end of September 2019 compared to the end of September 2018.
(1 USD = 1.7 AZN on Oct. 20)
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