BAKU, Azerbaijan, Feb. 15
By Zeyni Jafarov - Trend:
Turkish Ziraat Bank’s Azerbaijani subsidiary ended 2020 with 2.2 times rise in net profit compared to 2019, Trend reports citing the bank's financial report on Feb. 15.
According to the report, net profit as of late 2020 amounted to 2.1 million manat ($1.2 million), which is 1.15 million manat ($680,000) more than as of late 2019.
Ziraat Bank's profit was made through interest income of 9.6 million manat ($5.6 million), which increased by 3.3 times, and non-interest income - 6.7 million manat ($3.9 million), which in turn grew almost tenfold on yearly basis.
The bank's interest expenses in 2020 amounted to nearly 6 million manat ($3.5 million), showing 5-fold growth compared to 2019 while non-interest expenses – 10.5 million manat that’s $6.18 million (a surge of 6.2 times for the year).
Profit before taxes and unforeseen expenses related to banking activity made up 2.6 million manat ($1.5 million), rising in annual terms by 2.75 times.
(1 USD = 1.7 AZN on Feb.15)
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