Azerbaijani AFB Bank discloses net profit for 2021

Finance 24 January 2022 14:00 (UTC +04:00)
Azerbaijani AFB Bank discloses net profit for 2021

BAKU, Azerbaijan, Jan. 24

By Nazrin Israfilova - Trend:

The net profit of Azerbaijani AFB Bank decreased by 72.7 percent as of 2021 compared to 2020, Trend reports on Jan. 24, citing the bank's financial report.

According to the report, the bank's net profit reached 9.3 million manat ($5.5 million) as of late 2021, which is by 3.9 million manat ($2.3 million) less than in 2020.

During the reporting period, AFB Bank's profit was accumulated through interest income worth 13.9 million manat ($8.2 million) and non-interest income worth 8.9 million manat ($5.2 million), which decreased by 48.8 percent and 13.7 percent year-on-year, respectively.

The interest expenses of the bank decreased by 12.6 percent up to 1.7 million manat ($1 million) while non-interest expenses - by 8.5 percent up to 16.9 million manat ($9.9 million) in 2021.

AFB Bank's profit before payment of taxes and unforeseen expenses related to the banking activity reached 12.2 million manat ($7.2 million), having increased by 82.5 percent in annual terms.