Azerbaijan's RabitaBank ends 1Q2020 on high note
BAKU, Azerbaijan, May 5
By Eldar Janashvili - Trend:
Azerbaijan’s Rabitabank OJSC completed the first quarter of 2020 with a profit of over 1.13 million manat ($660,000), while in the same period last year this figure made up 3.26 million manat ($1.92 million), Trend reports referring to the bank’s financial report.
The bank’s profit dropped by 2.9 times on an annualized basis.
Net interest income amounted to over 8.4 million manat ($4.9 million), showing annual increase of 13.1 percent, and was formed through the interest income worth 11.4 million manat ($6.7 million), which increased by 13.9 percent, and interest spending worth nearly 3 million manat ($1.7 million), annual decrease of 16.3 percent, said the report.
The bank’s non-interest income amounted to over 3.2 million manat ($1.9 million), spiking by 56.6 percent over the year.
As of the end of March 2020, the non-interest spending amounted to 7.48 million manat ($4.4 million), with an increase of 18.8 percent.
The operating profit of the bank amounted to 4.25 million manat ($2.5 million), which is 980,000 manat ($576,400) or 29.9 percent more compared to 1Q2019.
The bank spent 3.1 million manat ($1.8 million) on special reserve for reimbursing potential losses. Accordingly, the profit amounted to 4.25 million manat ($2.5 million).
(1 USD = 1.7 AZN on May 5)
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