Azerbaijani Yelo Bank’s operating income down
BAKU, Azerbaijan, May 10
By Eldar Janashvili - Trend:
Azerbaijan’s Yelo Bank completed the first quarter of 2020 with a net loss of 6.2 million manat ($3.6 million), while the same period of last year with a profit of 3.03 million manat ($1.8 million), Trend reports referring to the bank’s financial report.
In accordance with the bank’s report, net interest income amounted to 8.7 million manat that’s $5.1 million (a decrease of 40.1 percent for the year) and was formed through the interest income worth 13.9 million manat that’s $8.2 million (an increase of 22.4 percent for the year) and interest expenses worth 5.3 million manat that’s $3.1 million (an increase by 1.5 times for the year).
The bank’s non-interest income amounted to 833,000 manat ($490,000), declining by almost eight times per annum. The non-interest expenses in late March 2020 amounted to 10.1 million manat that’s $5.9 million (an increase of 10.5 percent). The operating loss amounted to 582,000 manat ($342,352), which is 12.5 million manat ($7.3 million) less than in the same period of 2019.
The bank allocated 5.7 million manat ($3.3 million) to replenish the special reserve to compensate for possible losses. Accordingly, Yelo Bank’s loss amounted to 6.2 million manat ($3.6 million).
(1 USD = 1.7 AZN on May 10)
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