Azerbaijan’s Bank VTB discloses net profit for 2Q2021

Finance Materials 3 August 2021 16:51 (UTC +04:00)

BAKU, Azerbaijan, Aug.3

By Zeyni Jafarov - Trend:

Net profit of Azerbaijan's VTB Bank decreased in the second quarter of 2021, Trend reports citing the bank's financial report.

According to the financial report, this indicator amounted to 986,050 manat ($580,030), down by 36.2 percent compared to the second quarter of last year (1.54 million manat or $910,000).

The net profit was formed through interest income in the amount of 7.62 million manat ($4.48 million, drop of 85.3 percent on annual basis) and non-interest income worth 3.36 million manat ($1.98 million, growth of 2.6 times for the year).

The bank's non-interest income amounted to 2.1 million manat ($1.2 million, increase of 60.1 percent), while the non-interest spending reached 10.3 million manat ($6 million, up by 37.3 percent year on year).

VTB (Azerbaijan) is the main partner bank for Azerbaijani entrepreneurs doing business with Russia. Its main task is to help Azerbaijani business enter new markets in the countries where VTB Group operates, as well as to support Russian companies operating in Azerbaijan. In the structure of the bank's shareholders, 99.99 percent of the shares belong to VTB Bank PJSC, and 0.01 percent - to individual.

(1 USD = 1.7 AZN on Aug.3)


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