Azerbaijan's PASHA Bank discloses profit for 1Q2020
BAKU, Azerbaijan, May 6
By Eldar Janashvili – Trend:
Azerbaijani PASHA Bank OJSC completed the first quarter of 2020 with a net profit of 3.4 million manat ($2 million), while the bank completed the same period of 2019 with a net profit of 35.7 million manat ($21 million), Trend reports citing the bank’s financial report.
From January through March 2020, the bank decreased its income by 32.2 million manat ($18.9 million) compared to the same period of 2019.
According to the report, the net interest income of the bank amounted to 41.3 million manat ($24.2 million) in 1Q2020, having decreased by 2.7 percent compared to 1Q2019. This indicator was formed due to the interest income of 52 million manat ($30.5 million), a decrease of one percent, as well as the interest expenses of 10.7 million ($6.2 million), which increased by 6.1 percent over the year.
Non-interest income of the bank amounted to 24.7 million manat ($14.5 million), increasing by 2.6 times year-on-year. At the end of March 2020, non-interest expenses amounted to 40.3 million manat ($23.7 million), an increase of 2.5 times. In the first quarter of 2020, the bank’s operating profit amounted to 25.6 million manat ($15 million), which is by 10.5 million manat ($6.1 million) less compared to the same period of 2019.
The bank allocated 20 million manat ($11.7 million) to special reserves to compensate for possible losses. Accordingly, the profit before tax and unforeseen expenses related to banking activities amounted to 5.7 million manat ($3.3 million). Income tax amounted to 3.4 million manat ($2 million).
(1 USD = 1.7 AZN on May 6)
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