BAKU, Azerbaijan, July 28
By Zeyni Jafarov - Trend:
Azerbaijan’s PASHA Bank completed the second quarter of 2021 with a net profit worth 50.6 million manat ($), while in the same period of last year this figure was 28.9 million manat ($17 million), Trend reports citing the bank's financial report on July 28.
As of the second quarter, the bank increased profit by 21.7 million manat $12.8 million (75.1 percent) on an annualized basis.
In accordance with the report, net interest income amounted to 102.6 million manat $60.3 million (an increase of 23.8 percent for the year) and was formed through interest income worth 128.8 million manat $75.8 million (an increase of 22.6 percent for the year) and interest expenses of 26.4 million manat $15.5 million (an increase of 23.6 percent for the year).
The non-interest income of PASHA Bank amounted to 59.8 million manat ($35.2 million) during the reporting period, increasing by 39.4 percent on an annualized basis. Non-interest expenses in the second quarter amounted to 75.8 million manat $44.6 million (an increase of 4.1 percent).
Operating profit amounted to 86.6 million manat ($50.9 million), which is 63.7 percent more than in the second quarter of 2020.
Some 24.5 million manat ($14.4 million) accounted for the bank's special reserves to compensate for possible losses. Accordingly, profit before taxes and unforeseen expenses related to banking activity amounted to about 62.1 million manat ($36.5 million).
The income tax amounted to 11.5 million manat ($6.8 million) as of the second quarter of 2021. Consequently, the bank completed the second quarter with a net profit of 50.6 million manat ($29.8 million).
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