Azerbaijani Nakhchivan Bank's interest income up in 2Q2020
BAKU, Azerbaijan, Aug. 11
By Eldar Janashvili - Trend:
Azerbaijan’s Nakhchivan Bank completed the second quarter of 2020 with a profit of over 4.7 million manat ($2.7 million), while in the same period last year its profit was 2.2 million manat ($1.2 million), Trend reports citing the bank's financial report.
The bank’s profit increased 2.2 times on an annual basis, said the report.
The net interest income reached 5.3 million manat ($3.1 million), increasing by 11.8 percent over the year. This was formed by interest income in the amount of 5.6 million manat ($3.2 million), which increased by 72.2 percent over the year and by interest expenses in the amount of 356,000 manat ($209,411), which is 45.9 percent more compared to the same period of 2019.
Reportedly, the bank's non-interest income amounted to 2.4 million manat ($1.4 million), which increased by 41.2 percent year-on-year. Non-interest expenses exceeded 2.2 million manat (nearly $1.3 million), an increase of 18.4 percent.
Operating profit of the bank surpassed 5.4 million manat ($3.1 million), showing a growth of 1.9 times, 640,000 manat ($376,470) of which was spent on reserves. Accordingly, the bank’s profit amounted to 4.7 million manat ($2.7 million).
(1 USD = 1.7 manat on Aug. 11)
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