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Azerbaijan’s Kapital Bank reveals 2020 net profit

Finance Materials 20 January 2021 12:10
Azerbaijan’s Kapital Bank reveals 2020 net profit

BAKU, Azerbaijan, Jan. 20

By Zeyni Jafarov - Trend:

Azerbaijan’s Kapital Bank ended 2020 with a net profit of over 302.6 million manat ($178 million), while in 2019 it was 134.7 million manat ($79.2 million), Trend reports citing the bank's financial report.

On an annualized basis, the bank increased its profit by 2.2 times, said the bank.

According to the bank report, net interest income amounted to 389.3 million manat ($229 million) and was formed at the expense of interest income of 440.1 million manat ($258.8 million), an increase of 10 percent over the year and interest expenses of 50.8 million manat ($29.8 million), a decrease of 19,7 percent.

The bank's non-interest income amounted to 216.4 million manat ($127.2 million), an increase of 27 percent. Non-interest expenses as of late December 2020 amounted to 267.5 million manat ($157.3 million), an increase of 27.7 percent.

Profit before taxes and unforeseen expenses related to banking amounted to 363.8 million manat ($214 million), an increase of 2.1 times. The volume of income tax amounted to 61.1 million manat ($35.9 million).

(1 USD = 1.7 AZN on Jan. 20)

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