Revenues of Azerbaijan’s Kapital Bank increase
BAKU, Azerbaijan, Jan. 25
By Eldar Janashvili - Trend:
Kapital Bank, the leading Azerbaijani corporate bank, ended last year with a net profit of 134.7 million manat ($79.2 million), while at the end of 2018, the bank’s profit amounted to 98 million manat ($57.6 million), Trend reports referring to the bank’s financial report.
On an annualized basis, the bank’s profit grew by 36.7 percent, according to the report.
The bank’s net interest income amounted to 337.6 million manat ($198.5 million, or an increase of 37.3 percent) and was generated from interest income of 401 million manat ($235.8 million, or an increase of 25 percent per year) and interest expense of 63 million manat ($37 million, or a decrease of 16.3 percent per year).
Non-interest income of the bank amounted to 170.3 million manat ($100.1 million, or an increase over the year by 24.5 percent). Non-interest expenses of the bank at the end of December 2019 amounted to 210 million manat ($123.5 million, or an increase of 32 percent).
The cost for creating special reserves for compensation of possible losses on assets amounted to 125.5 million manat ($73.8 million), having increased by 34.4 percent compared to 2018. After their deduction, an operating profit of 172.6 million manat ($101.5 million) was formed, having increased by 33 percent since the beginning of the year.
The bank’s profit tax for 2019 amounted to 37.8 million manat ($22.2 million), which is 19.2 percent more than in 2018.
($1= 1.7 manat on Jan. 25)