BAKU, Azerbaijan, Apr. 15
By Zeyni Jafarov - Trend:
Azerbaijan’s PASHA Bank completed the first quarter of 2021 with a net profit worth 18.8 million manat ($11 million) compared to 3.48 million manat ($2.05 million) in 1Q2020, Trend reports citing the bank's financial report on Apr. 15.
According to the bank report, in annual terms, the bank’s profit increased by 15.3 million manat which’s $9 million (by 5.4 times).
In the reporting period, net interest income amounted to 49.8 million manat that’s $29.3 million (an increase of 20.6 percent for the year) and was formed through interest income worth 63.6 million manat that’s $37.4 million (a growth of 22.2 percent for the year) and interest expenses of 12.9 million manat that’s $7.6 million (rise for the year by 20.8 percent).
Meanwhile, the non-interest income of PASHA Bank amounted to 23.38 million manat ($13.7 million), having grown by 5.3 percent on an annualized basis. Non-interest expenses from January through March 2021 amounted to 36.85 million manat which’s $21.6 million (an increase of 8.65 percent). Operating profit amounted to 36.35 million manat ($21.3 million), which is by 41.7 percent more than in the same period of 2020.
PASHA Bank allocated 11.4 million manat ($6.7 million) for special reserves to compensate for possible losses. Accordingly, profit before taxes and unforeseen expenses related to the banking activity amounted to 24.9 million manat ($14.6 million).
In the first quarter of 2021, profit tax amounted to 6.15 million manat ($3.6 million). Thus, PASHA Bank ended the period with net profit of 18.8 million manat.
---
Follow the author on Twitter: @jafarov_zeyni