Bank Melli Iran in Baku ends year with loss

Finance Materials 18 January 2020 12:17 (UTC +04:00)
Bank Melli Iran in Baku ends year with loss

BAKU, Azerbaijan, Jan. 18

By Eldar Janshvili – Trend:

The branch of state Bank Melli Iran in Baku ended 2019 with net loss of 16.5 million manat ($9.7 million), while the profit worth 2.1 million manat ($1.2 million) was observed in late 2018, Trend reports referring to the bank’s financial report.

Since the beginning of 2019, the bank has lost more than 18 million manat (over $10 million).

In accordance with the bank report, net interest income amounted to 2.7 million ($1.5 million) having decreased by 1.5 percent and was formed through interest income in the amount of 2.8 million manat ($1.6 million) with a decrease by one percent for the year and interest expenses in the amount of 121,800 manat ($71,647), which shows an increase of 8.4 percent.

The bank’s non-interest income amounted to 880,500 manat ($517,941) haveing decreased by 23.8 percent since the beginning of 2019. Non-interest expenses at the end of September 2019 amounted to 20.1 million manat ($11.8 million) showing a decrease of 11.5 times. This resulted in operating loss of 19.2 million manat ($11.2 million), which has grown by more than 30 times since the beginning of 2019.

(1 USD = 1.7 AZN on Jan. 18)


Follow the author on Twitter: @eldarjanashvili