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Azerbaijani Bank Respublika ends 2020 with profit

Finance Materials 9 February 2021 16:20 (UTC +04:00)
Azerbaijani Bank Respublika ends 2020 with profit

BAKU, Azerbaijan, Feb. 9

By Zeyni Jafarov - Trend:

Azerbaijani Bank Respublika ended 2020 with an almost 3.5 times decrease in net profit compared to 2019, Trend reports citing the bank's financial report on Feb. 9.

In accordance with the report, net profit as of 2020 amounted to 6.02 million manat ($3.5 million), which is 14.4 million manat ($8.5 million) less than as of late 2019.

Bank Respublika's profit was made through interest income of 72.9 million manat ($42.9 million), which increased by 5.5 percent and non-interest income - 26.01 million manat ($15.3 million), which in turn decreased almost twice on an annualized basis.

The bank's interest expenses in 2020 amounted to 27.5 million manat ($16.2 million), which remained unchanged compared to 2019 while non-interest expenses - 55.2 million manat that’s $32.5 million (an increase of 6.4 percent for the year).

Profit before taxes and unforeseen expenses related to banking activity amounted to 6.02 million manat ($3.5 million), decreasing in annual terms by 70.5 percent.

Ultimately, Bank Respublika ended 2020 with a net profit of over 6.02 million manat ($3.5 million).

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