Net profit of Azerbaijan's Express Bank up in 1Q2020
BAKU, Azerbaijan, May 7
By Eldar Janashvili – Trend:
Azerbaijani Express Bank completed the first quarter of 2020 with a net profit of 5.8 million manat ($3.4 million), while in the same period of 2019 the net profit stood at 1.3 million manat ($788,235), Trend reports citing the bank’s financial report.
According to the report, the net interest income of the bank amounted to 8.1 million manat ($4.7 million) in 1Q2020, having increased by 18.7 percent compared to 1Q2019. This indicator was formed due to the interest income of 10.5 million manat ($6.2 million), a decrease of one percent, as well as the interest expenses of 2.4 million ($1.4 million), which decreased by 2.2 percent over the year.
Non-interest income of the bank amounted to 3.3 million manat ($1.9 million), having decreased by 4.7 times year-on-year. At the end of March 2020, non-interest expenses amounted to 8.5 million manat ($5 million), a decrease of 1.1 percent. In the first quarter of 2020, the bank’s operating profit amounted to 3 million manat ($1.7 million), which is by 1.2 million manat ($711,764) less compared to the same period of 2019.
The bank allocated 2.9 million manat ($1.7 million) from special reserves to compensate for possible losses. Accordingly, the profit before tax and unforeseen expenses related to banking activities amounted to 5.8 million manat ($3.4 million). Income tax amounted to 27,000 manat ($15,882).
(1 USD = 1.7 AZN on May 7)
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