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Azerbaijan's Kapital Bank completes 1Q2021 with profit

Finance Materials 16 April 2021 21:57 (UTC +04:00)
Azerbaijan's Kapital Bank completes 1Q2021 with profit

BAKU, Azerbaijan, April 16

By Zeyni Jafarov - Trend:

Azerbaijan's Kapital Bank completed the first quarter of 2021 with net profit of 55.5 million manat ($32.6 million), while this figure for the same period of last year amounted to 74.9 million manat ($44.05 million), Trend reports on April 16 citing the bank's financial report.

Thus, the profit of Kapital Bank decreased by 25.8 percent on an annual basis.

In accordance with the bank report, the net interest income amounted to 96.5 million manat ($56.8 million). It was formed through the interest income in the amount of 111.8 million manat that’s $65.8 million (an increase of 4.9 percent for the year) and interest expenses worth 15.2 million manat that’s $8.9 million (an increase of 20.5 percent for the year).

The bank's non-interest income amounted to 58.8 million manat that’s $34.6 million (an increase of 21.3 percent). The non-interest expenses at the end of the quarter reached 64.6 million manat that’s $38 million (an increase of 9.7 percent).

The profit before paying taxes and unforeseen expenses related to banking activity amounted to 69.4 million manat ($40.8 million), decreasing by 26 percent for the year.

As of the first quarter of 2021, income tax amounted to 13.9 million manat ($8.2 million). Thus, the bank completed the first quarter of 2021 with net profit worth 55.5 million manat ($32.6 million).

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