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Ziraat Bank Azerbaijan greatly increases operating profit

Finance Materials 20 July 2020 13:51
Ziraat Bank Azerbaijan greatly increases operating profit

BAKU, Azerbaijan, July 20

By Fidan Babayeva – Trend:

Operating profit of Ziraat Bank Azerbaijan amounted to 3.1 million manat ($1.8 million) from January through June 2020 compared to 2.4 million manat ($1.4 million) in the same period of last year, thereby increasing by 30 percent, Trend reports referring to the financial report of the bank.

The bank completed the second quarter of 2020 with the net profit of 1.7 million manat ($1 million), while profit amounted to 1.8 million manat ($1.06 million) in the same period of last year, showing a decrease by 3.2 percent on an annualized basis.

According to the bank’s report, the net profit was generated through the interest income worth 4.8 million manat that’s $2.8 million (growth by 2.5 percent for the year) and non-interest income worth 3.02 million manat that’s $1.8 million (an increase by 1.8 times).

The interest expenses amounted to 2.9 million manat that’s $1.7 million (an increase of 28 percent), and non-interest expenses - to 4.7 million manat that’s $2.8 million (an increase of 20.5 percent) as of end-June 2020.

The deductions for the creation of the special reserve to compensate for the possible losses on assets amounted to 1.06 million manat ($623,529) and almost doubled compared to the same indicator last year.

(1 USD = 1.7 AZN on July 20)

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