BAKU, Azerbaijan, July 16
By Fidan Babayeva - Trend:
Azerbaijan’s Kapital Bank completed the first half of 2020 with a net profit of 170.5 million manat (over $100.3 milion) compared to 73.1 million manat ($43 million) during the same period of 2019, Trend reports with reference to the bank's financial report.
The bank increased its profit by 2.3 percent on an annualized basis.
According to the report, net interest income amounted to 191.8 million manat ($112.8 million) and was formed through the interest income worth 215.8 million manat that’s $126.9 million (an increase of 13.7 percent for the year) and interest expenses worth 23.9 million manat that’s over $14 million (a 33.4-percent decrease for the year).
The bank’s non-interest income amounted to 100.9 million manat that’s $593 million (an increase of 32.6 percent). The non-interest expenses amounted to 127.1 million manat that’s $74.7 million (an increase of 32.2 percent) in late June 2020.
Operating loss amounted to 10.5 million manat ($6.2 million) in the first quarter of 2020, which is 224,000 manat ($131,764) more than in the same period of 2019.
The bank allocated 38.03 million manat ($22.3 million) to create a special reserve for compensation of possible losses on assets, which is 15.7 million manat ($9.2 million) less than a year earlier.
The profit before paying taxes and unforeseen expenses related to the banking activity amounted to 203.7 million manat ($119.8 million), an increase of 2.1 percent. The volume of income tax amounted to 33 million manat ($19.4 million).
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