BAKU, Azerbaijan, May 15
By Eldar Janashvili – Trend:
Azerbaijan Industry Bank (ASB) completed the first quarter of 2020 with a net profit of 2.24 million manat ($1.32 million), while this indicator amounted to 3.2 million manat ($1.8 million) in the same period last year, Trend reports citing the bank’s balance sheet.
According to the bank report, net interest income amounted to 4.3 million manat or $2.5 million (an increase of 39 percent for the year) and was formed from interest income of 7.8 million manat or $4.5 million (an increase of 24.5 percent for the year) and interest expenses of 3.5 million manat or $2 million (growth by 10.2 percent year-on-year).
Non-interest income of the bank amounted to 1.4 million manat ($820,000), plunging by 2.8 times on an annualized basis. Non-interest expenses at the end of March this year amounted to 3.7 million manat or $2.1 million (a surge of 41.7 percent).
Operating profit made up 2 million manat ($1.1 million), which is half less than the same indicator in 2019 (by 9.8 million manat or $5.7 million).
The bank allocated 817,000 manat ($480,500) to replenish a special reserve to compensate for possible losses. Accordingly, the profit of AFB Bank amounted to 2.23 million manat ($1.31 million).
ASB Bank has been operating in Azerbaijan since 1996. It has branches in Baku, Sumgayit, Ganja and Imishli cities.
(1 USD = 1.7 AZN on May 15)
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