BAKU, Azerbaijan, April 21
By Eldar Janashvili – Trend:
Azerbaijani Bank BTB OJSC completed 1Q2020 with a net profit of 762,000 manat ($448,235), while the same period of 2019, the bank completed with a loss of 2.69 million manat (over $1.5 million), Trend reports citing the bank’s financial report.
In 1Q2020, the bank increased its profit by 3.45 million manat ($2.029 million) compared to the same period of 2019, said the report.
According to the bank’s report, the net interest income increased by 46.5 percent, reaching 3.47 million manat ($2.041 million) and was formed due to interest income of 6.62 million manat ($3.8 million), an increase of 26.4 percent and interest expenses of 3.48 million manat ($2.047 million), a decrease of 9.8 percent.
Non-interest income of the bank amounted to 1.36 million manat ($800,000) in the first quarter of 2020, showing a decrease of 2.9 percent compared to the same period of 2019. Non-interest expenses increased by 11.8 percent and amounted to 3.91 million manat ($2.3 million). Operating profit increased by 3.33 percent and amounted to 928,000 manat ($545,882).
In 1Q2020, the bank allocated 166,000 manat ($97,647) to create a special reserve for compensation of possible losses on assets, which is almost 18 times less compared to the same period of 2019.
Profit before taxes and unforeseen expenses related to banking activities amounted to 762,000 manat ($448,235), an increase of 3.45 million manat ($2.029 million).
(1 USD = 1.7 AZN on April 21)
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