Profit of Azerbaijan’s NBC Bank decreases 10 times
BAKU, Azerbaijan, Oct. 22
By Eldar Janashvili - Trend:
Azerbaijan’s NBC Bank completed the third quarter of 2019 (from January through September 2019) with a net profit of 111,500 manat ($65,723), while the company completed 2018 with a profit of 1.1 million manat ($677,279), Trend reports Oct. 22 with reference to the bank’s financial report.
Since the beginning of the year, the bank’s profit has decreased ten times.
In accordance with the bank report, net interest income amounted to 2.9 million manat ($1.6 million, or a 2.3-fold decrease) and was formed through interest income of 14 million manat ($8.2 million, or a decrease of 20.4 percent for the year) and interest expenses of 11.1 million manat ($6.6 million, or an increase by 1.4 percent)
Non-interest income of the bank amounted to 3 million manat ($1.8 million, or a 10 percent decrease from the beginning of the year), and non-interest income at the end of September this year amounted to 6.7 million manat ($4 million, or a decrease of 12 percent). An operating loss of 3.7 million manat ($2.2 million) was formed from them, which has decreased by 13 percent since the beginning of the year.
The expenses for creating special reserves for compensation of possible losses on assets amounted to 1 million manat ($599,459), having decreased by 9.5 percent compared to the same period last year.
($1= 1.7 manat on Oct. 22)