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International Bank of Azerbaijan's net profit declines in 2020

Finance Materials 19 January 2021 22:03
International Bank of Azerbaijan's net profit declines in 2020

BAKU, Azerbaijan, Jan. 19

By Zeyni Jafarov - Trend:

The International Bank of Azerbaijan’s (IBA) net profit decreased by 2.3 times as of 2020 compared to 2019, Trend reports citing the bank's financial report.

In accordance with the report, net profit amounted to 129.4 million manat ($76.1 million) as of 2020, which is by 172.9 million manat ($101.7 million) less than as of 2019.

The IBA's profit was formed through interest income worth 406.2 million manat ($238.9 million) and non-interest income - 125.4 million manat ($73.8 million), which in turn decreased on an annualized basis by 8.1 percent and 12.6 percent, respectively.

Interest expenses amounted to 104.3 million manat ($61.3 million), which shows an increase in comparison with 2019 by 6.2 percent while non-interest expenses - 224.1 million manat that’s $131.8 million (an increase of 35.3 percent for the year).

Profit before payment of taxes and unforeseen expenses related to the banking activity amounted to 182.8 million manat ($107.5 million) increasing by 2.05 times per annum.

The International Bank of Azerbaijan was established in 1992. The total share of the state in the capital of the IBA reaches 99.66 percent.

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