BAKU, Azerbaijan, Aug. 25
By Eldar Janashvili – Trend:
Azerbaijan’s Xalq Bank completed the first seven months of 2020 with the profit of 20.5 million manats ($12.05 million), whereas in comparison to the same period of last year, profits amounted to 18.3 million manats ($10.8 million), Trend reports referring to the bank's financial report.
The bank increased its profit by 12.2 percent on an annualized basis.
In accordance with the bank’s report, net interest income amounted to 46.8 million manats which are equivalent to $27.5 million (a 6.7 percent increase for the year) and was formed through the interest income worth 62.3 million manats which is equal to $36.6 million (a 1.5-percent decrease for the year) and interest expenses worth 11.6 million manats that’s $6.8 million (a 5.6 percent increase for the year).
The bank's non-interest income almost doubled an annualized basis and reached 19.8 million manats ($11.6 million). The non-interest expenses amounted to 28.7 million manats ($16.9 million) in late July 2020 (a 4.4 percent increase).
The operating profit amounted to 37.8 million manats ($22.2 million), of which 12.7 million manats ($7.5 million) was spent on reserves, the volume of which is 3.2 times more than during the first seven months of 2019. Accordingly, the profit after paying the taxes in the amount of 4.7 million manats ($2.8 million) amounted to 20.5 million manats ($12.05 million).
(1 USD = 1.7 AZN on Aug. 25)
Follow the author on Twitter: @eldarjanashvili