BAKU, Azerbaijan, July 22
By Zeyni Jafarov - Trend:
The subsidiary bank of the Turkish Ziraat Bank in Azerbaijan completed the first half of 2021 with an increase in net profit by 9.8 percent compared to the first half of 2020, Trend reports citing the bank's financial report.
According to the report, the net profit of the subsidiary of Ziraat Bank exceeded 1.91 million manat ($1.12 million), which rose by 170,600 manat ($100,350) on annual basis.
Ziraat Bank's profit was made up of interest income of 11.6 million manat ($6.82 million), which increased by 37.2 percent and non-interest income in the amount of 3.18 million manat ($1.87 million), which in turn exceeded the annual rate by 5.3 percent.
The bank's interest expenses in the first half of 2021 amounted to 3.68 million manat ($2.16 million), increasing by 25.8 percent year on year, and non-interest expenses - 6.47 million manat ($3.8 million) an increase of 37.6 percent over the year.
Profit before taxes and unforeseen expenses related to banking activities amounted to 2.11 million manat ($1.24 million), an increase of 3.1 percent on annual basis.
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