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Azerbaijani AFB Bank’s 2020 net profit revealed

Finance Materials 8 February 2021 17:51
Azerbaijani AFB Bank’s 2020 net profit revealed

BAKU, Azerbaijan, Feb. 8

By Zeyni Jafarov - Trend:

Azerbaijan’s AFB Bank’s net profit decreased by 13.7 percent in 2020 compared to 2019, Trend reports citing the bank's financial report.

According to the report, net profit at the end of 2020 amounted to 5.4 million manat ($3.17 million), which is 855,000 manat ($502,941) less than at the end of 2019.

AFB Bank's profit was formed at the expense of interest income of over 27.3 million manat ($16 million) and non-interest income of 7.84 million manat ($4.61 million), which in turn decreased on an annualized basis by 5.3 and 31.2 percent, respectively.

The bank's interest expenses in 2020 amounted to 2 million manat ($1.1 million), which demonstrates a 13 percent decline compared to 2019, and non-interest expenses - 18.4 million manat ($10.8 million) (a decrease of 11.9 percent over the year).

Profit before taxes and unforeseen expenses related to banking activities amounted to 6.69 million manat ($3.93), decreasing in annual terms by 8.85 percent.

(1 USD = 1.7 manat on Feb.8)

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