International Bank of Azerbaijan completed 2019 with profit
BAKU, Azerbaijan, Jan. 23
By Eldar Janashvili - Trend:
The International Bank of Azerbaijan completed 2019 with a net profit of 302.3 million manat ($177.8 million), while the bank's net profit at the end of 2018 was over 425.8 million manat ($250.4 million), Trend reports with reference to the bank.
The bank's profit fell by 12 percent on an annualized basis.
According to the bank's report, net interest income amounted to over 343.7 million manat ($202.2 million) in 2019, which indicates an increase of 15.8 percent and was formed from the interest income of 441.9 million manat ($259.9 million), which shows an increase of 6.45 percent, and interest expenses of over 98.1 million manat ($57.7 million), which shows a decrease of 17 percent.
Non-interest income of the bank amounted to 143.4 million manat ($84.3 million), which indicates an annual increase of 23.5 percent. Non-interest expenses at the end of December 2019 amounted to over 165.6 million manat ($97.4 million), which indicates a decrease of 41.3 percent. The operating profit of 374.8 million manat ($220.4 million) was formed from them, which decreased by 12 percent since the beginning of the year.
The cost of creating special reserves for compensation of potential losses on assets amounted to over 53.2 million manat ($31.3 million), which decreased by 2.5 times compared to 2018.
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