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VTB Bank (Azerbaijan) completes 9 months with profit

Finance Materials 31 October 2020 14:40 (UTC +04:00)
VTB Bank (Azerbaijan) completes 9 months with profit

BAKU, Azerbaijan. Oct.31

By Fidan Babayeva - Trend:

VTB Bank (Azerbaijan) completed nine months of 2020 with a net profit of 2.585 million manats ($1.5 million), which is 59.4 percent less than the same period last year, Trend reports citing the bank's financial report.

For nine months, VTB Bank Azerbaijan's revenues amounted to 8.775 million manats ($5.1 million), which is 7.7 percent less than a year earlier, expenses - 14.35 million manats/$8.4 million (4.3 percent more)

The assets of VTB Bank Azerbaijan as of October 1 this year amounted to 187.005 million manats ($110 million), which is 23.7 percent more than a year earlier. Of these, 76.194 million manats ($44.81 million) are net loans to clients. Over the past year, the bank's loan portfolio increased by 50.3 percent.

In 2019, the bank carried out significant work aimed at expanding remote channels of access to the bank's services, which, on the one hand, contributes to improving the quality of service, and on the other hand, contributes to the solution of state tasks to reduce the share of cash payments in the economy. The bank will continue to actively work on digital transformation this year.

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