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Net profit of Azerbaijan's Bank Respublika up by almost 13 times

Finance Materials 1 November 2019 12:03 (UTC +04:00)

BAKU, Azerbaijan, Nov. 1

By Eldar Janashvili - Trend:

Azerbaijan's Bank Respublika completed the third quarter of 2019 with a net profit of slightly over 15.6 million manat ($9.1 million), while the same period last year ended with a profit of just over 1.2 million manat ($713,529), Trend reports with reference to the bank’s financial report.

Thus, compared to the same period of the last year, the bank increased profits by almost 13 times.

According to the bank's report, net interest income amounted to nearly 29.2 million manat ($17.1 million), which indicates an increase of 76 percent and was generated from interest income of slightly over 50.1 million manat ($29.4 million), which increased by 71.7 percent compared to the same period of 2018 and interest expenses of over 20.9 million manat ($12.3 million), which increased by 65, 6 percent.

Non-interest income of the bank almost doubled and amounted to over 36.9 million manat ($21.7 million). Non-interest expenses at the end of September 2019 amounted to 38.8 million manat ($22.8 million), which indicates an increase of 34.4 percent on annualized basis.

Net operating profit amounted to just over 27.3 million manat ($16 million), which is 4.4 times more compared to the figure in the same period of 2018.

The cost of creating special reserves for compensation of potential losses on assets amounted to just under 11.7 million manat ($6.8 million), having increased by 2.3 times compared to the same period last year.

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