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Azerbaijani Bank of Baku's net profit declines

Finance Materials 22 July 2020 17:48
Azerbaijani Bank of Baku's net profit declines

BAKU, Azerbaijan, July 22

By Fidan Babayeva – Trend:

Azerbaijani Bank of Baku LLC completed the first half of 2020 with the net profit worth 5.4 million manat ($3.2 million), while the first half of the previous year with the net profit worth 32.3 million manat ($19 million), Trend reports citing the bank's financial report.

The bank's profit decreased by 5.9 times for the year.

In accordance with the bank’s report, the net profit was formed through interest income worth 26.7 million manat ($15.7 million) and non-interest income worth 5.5 million manat ($3.2 million).

The interest expenses at the end of June 2020 amounted to 6.3 million manat ($3.7 million), non-interest expenses - 18.5 million manat ($10.9 million).

The bank's net profit without deducting taxes for the year decreased by more than 5.5 times and amounted to 7.3 million manat ($4.3 million).

The taxes paid from profit amounted to 1.9 million manat ($1.1 million).

(1 USD = 1.7 AZN on July 22)

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