Azerbaijan’s UniBank discloses profits data for 1Q2020
BAKU, Azerbaijan, May 4
By Eldar Janashvili - Trend:
Azerbaijan’s UniBank OJSC completed the first quarter of 2020 with a profit of 6.3 million manat ($3.7 million), while for the same period of 2019, the bank suffered losses worth 8 million manat ($4.7 million), Trend reports citing the bank’s financial report.
Thus, the bank earned 14.4 percent on an annualized basis.
According to the report, net interest income of the bank increased by 22.5 percent in the first quarter of 2020 and amounted to 15 million manat ($8.8 million), and was formed due to interest income of 22.2 million manat ($13 million), which increased by 10.5 percent. The interest expenses decreased by 8.4 percent, amounting to 7.1 million manat ($4.1 million).
Non-interest income of the bank amounted to 6.1 million manat ($3.5 million), declining by 19.4 percent year on year. Non-interest expenses amounted to 17.3 million manat ($10.1 million), an increase by 18.9 percent. Operating profit amounted to 8.8 million manat ($5.1 million), 2.5 million manat ($1.4 million) of which was spent on reserves, while 13.3 percent were withdrawn from reserves in the first quarter of 2019.
Accordingly, the bank’s profit amounted to 6.3 million manat ($3.7 million).
(1 USD = 1.7 AZN on May 4)
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