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Net profit of Azerbaijan's Int'l Bank plunges

Finance Materials 21 July 2020 09:42
Net profit of Azerbaijan's Int'l Bank plunges

Baku, Azerbaijan, July 21

By Fidan Babayeva - Trend:

The net profit of the International Bank of Azerbaijan (IBA) dropped by 2.5 times in the second quarter of 2020 compared to the same period of last year, Trend reports referring to the bank’s financial statement.

According to the statement, as of late June 2020, the net profit amounted to 118.4 million manat ($69.6 million), which is 118.8 million manat ($69.8 million) less than the previous indicator.

The profit was formed on the base of interest incomes worth 202.2 million manat ($118.9 million), and non-interest incomes of 60.4 million manat ($35.5 million).

Interest expenses of the bank amounted to 51.5 million manat ($30.2 million), and non-interest expenses – 75.9 million manat ($44.6 million).

The profit prior to paying taxes and contingencies associated with the bank’s activities amounted to 146.2 million manat ($86 million), increasing by 2.8 times.

The International Bank of Azerbaijan (IBA) is the largest financial institution in the Caucasus. IBA was founded in 1992 on the basis of the Azerbaijan Republican Bank of the USSR Vneshekonombank in accordance with the Azerbaijani President’s Decree dated January 10, 1992. As of now, the bank is the leader in the banking sector in Azerbaijan, administering about 40 percent of its assets.

($1 = 1.7 manat on July 20)

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Follow the author on Twitter: @Fidan_Babaeva

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