BAKU, Azerbaijan, April 28
By Eldar Janshvili - Trend:
Azerbaijan’s Bank of Baku completed the first quarter of 2020 with a profit of 1.9 million manat ($1.1 million), while the bank completed the same period of 2019 with a loss of 7.7 million manat ($4.5 million), Trend reports citing the bank’s financial report.
Thus, the bank earned 9.7 million manat ($5.7 million) on annualized basis.
According to the bank’s report, net interest profit increased by 43 percent on annualized basis, amounting to 10,400 manat ($6,117), and was formed by the interest income worth 13.5 million ($7.9 million) and by the interest costs in the amount of 3.1 million manat ($1.8 million). On an annualized basis, the interest income increased by 28.5 percent, while interest costs dropped by 3.8 percent.
Non-interest income of the Bank of Baku amounted to 2.6 million manat ($1.5 million), increasing by 85.4 percent year-on-year. Non-interest expenses amounted to 9.9 million manat ($5.8 million), indicating an increase of 95.7 percent. Operating profit amounted to 3 million manat ($1.7 million), 80,000 manat ($47,058) of which was spent on reserves, while 11.3 million manat ($6.6 million) was allocated for reserves in the first quarter of 2019. Accordingly, profit after taxes and unforeseen expenses related to banking activities in the amount of 950,000 manat ($558,823) amounted to 1.9 million manat ($1.1 million).
(1 USD = 1.7 manat on Apr. 28)
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