BAKU, Azerbaijan, April 24
By Eldar Janashvili – Trend:
Azerbaijan’s Access Bank CJSC completed the first quarter of 2020 with a net profit of 2.4 million manat ($1.4 million), while the same period of 2019, the bank completed with a loss of 74.6 million manat ($43.8 million), Trend reports citing the bank’s financial report on Apr. 24.
In 1Q2020, the bank increased its profit by 77.1 million manat ($45.3 million) compared to 1Q2019.
According to the report, the net profit increased by 49.7 million manat ($29.2 million) and reached 15.2 million manat ($8.9 million) and was formed by the interest incomes that increased by 13.1 percent, exceeding 25.9 million manat ($15.2 million), and by interest costs.
The interest costs amounted to 10.7 million manat ($6.2 million), indicating a decrease of 16.1 percent. Non-interest incomes dropped 9.6 times amounting to 2.3 million manat ($1.3 million).
Meanwhile, non-interest costs increased by 5.1 percent and exceeded 16 million manat ($9.4 million).
Over the reporting period, the operating income amounted to 1.5 million manat ($0.8 million), which is 11 times or 15.7 million manat ($9.2 million) more compared to the same period of 2019.
The bank withdrew 24.6 million manat ($14.4 million) from a special reserve for compensating possible losses. Accordingly, the profit before payment of taxes and unforeseen expenses associated with banking activities amounted to 2.5 million manat ($1.4 million).
(1 USD = 1.7 AZN on Apr. 24)