BAKU, Azerbaijan, Feb. 3
By Fidan Babayeva - Trend:
As of 2020, Bank of Baku’s net profit decreased by 1.9 times compared to 2019, Trend reports citing the bank's financial report.
In accordance with the report, net profit as of late 2020 amounted to 12.7 million manat ($7.5 million), while in 2019 this figure was estimated at 24.6 million manat ($14.5 million).
Bank of Baku's profit was formed through interest income of 53.6 million manat ($31.5 million) and non-interest income of 9.4 million manat ($5.5 million), which in turn increased on an annualized basis by 24.6 percent and 2.4 percent, respectively.
Interest expenses amounted to 11.6 million manat ($6.8 million), which shows a decline in comparison with 2019 by 0.5 percent while non-interest expenses - 37.8 million manat that’s $22.2 million (an increase of 13.9 percent for the year).
Profit before taxes and unforeseen expenses related to banking activity amounted to 17.2 million manat ($10.1 million), decreasing in annual terms by 45.5 percent.
----
Follow the author on Twitter: Fidan_Babaeva