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BAKU, Azerbaijan, Feb. 4
By Eldar Janashvili – Trend:
Azerbaijan’s big corporate Bank Respublika completed 2019 with a net profit of 20.4 million manat ($12 million), while at the end of 2018, the profit amounted to 2.1 million manat ($1.2 million), Trend reports referring to the bank’s financial report.
On an annualized basis, the bank's profit grew 9.5 times.
In accordance with the bank’s report, net interest income amounted to 69.2 million manat ($40.7 million) with an increase of 63 percent and was formed through interest income in the amount of 57.5 million manat ($33.8 million), which shows an increase of 65 percent for the year and interest expenses worth 27.9 million manat ($16.4 million), with an increase of 56.5 percent.
The bank’s non-interest income amounted to 51.2 million manat ($30.1 million), almost twofold increase for the year. Non-interest expenses at the end of December 2019 amounted to 51.9 million manat ($30.5 million), with is an increase of 23.3 percent. The expenses for the creation of special reserves to compensate potential losses on assets amounted to 20.2 million manat ($11.8 million), almost tripling compared to 2018.
After deduction, an operating profit worth 20.4 million manat ($12 million) was formed.
(1 USD = 1.7 AZN on Feb. 4)
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