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Azerbaijan’s PASHA Bank ends 2020 with big profit

Finance Materials 15 January 2021 17:49
Azerbaijan’s PASHA Bank ends 2020 with big profit

BAKU, Azerbaijan, Jan. 15

By Zeyni Jafarov - Trend:

Azerbaijan’s PASHA Bank completed four quarters of 2020 with net profit worth 84.2 million manat ($49.5 million) while 65 million manat ($38 million) in the same period of 2019, Trend reports citing the bank's financial report on Jan. 15.

On an annualized basis, the bank increased profit by 19.2 million manat that’s $11.3 million (29.5 percent) in 2020.

In accordance with the bank report, net interest income amounted to 175.7 million manat that’s $103.3 million (an increase of 13 percent for the year) and was formed through interest income worth 218.2 million manat that’s $128.3 million (an increase of 11.2 percent for the year) and interest expenses of 45 million manat that’s $26 million (growth for the year by 16.1 percent).

Non-interest income of PASHA Bank amounted to 95.2 million manat ($56 million), having increased by 1.2 times on an annualized basis. Non-interest expenses in 2020 amounted to 143.9 million manat that’s $84.6 million (an increase of 15.2 percent). Operating profit amounted to 127 million manat ($74 million), which is by 18.6 percent more than in the same period of 2019.

PASHA Bank allocated 14.1 million manat ($8.3 million) for special reserves to compensate for possible losses. Accordingly, profit before taxes and unforeseen expenses related to the banking activity amounted to 112.9 million manat ($66.4 million).

As of 2020, profit tax amounted to 28.8 million manat ($16.9 million). Consequently, PASHA Bank ended the last year with net profit.

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