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Azerbaijan's International Bank discloses 1Q2021 net profit

Finance Materials 20 April 2021 15:58 (UTC +04:00)
Azerbaijan's International Bank discloses 1Q2021 net profit

BAKU, Azerbaijan, Apr.20

By Zeyni Jafarov - Trend:

The International Bank of Azerbaijan’s (IBA) net profit decreased by 36.5 percent in the 1st quarter of the 2021 year on year, Trend reports on Apr.20 referring to the bank's financial report.

In accordance with the report, the net profit amounted to 32.4 million manat ($19 million), compared to 51.05 million manat ($30 million) in 1Q2020.

The IBA's profit was formed through interest income worth 106.16 million manat or $62.45 million (down by 0.4 percent) and non-interest income – 30.07 million manat or $17.69 million (9.6 percent decrease).

Interest expenses amounted to 26.7 million manat ($15.7 million), thus declining by 7.3 percent, while non-interest expenses – 45.6 million manat that’s $26.8 million (an increase of 18.5 percent for the year).

Profit before payment of taxes and unforeseen expenses related to the banking activity amounted to 41.4 million manat ($24.3 million) shrinking by 18.9 percent per annum.

The International Bank of Azerbaijan was established in 1992. The total share of the state in the capital of the IBA reaches 99.66 percent.

(1 USD = 1.7 AZN on Apr.20)

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