BAKU, Azerbaijan, April 20. Azerbaijan’s Bank of Baku ended 1Q2022 with a net profit of 9.8 million manat ($5.7 million), while this figure in the same period last year amounted to 4.1 million manat ($2.4 million), Trend reports citing the bank's financial report.
According to the bank's report, its net interest income amounted to 16.8 million manat ($9.8 million). It was formed at the expense of interest income in the amount of 21.03 million manat ($12.3 million, growth by 49.43 percent over the year) and interest expenses by 4.2 million manat ($2.4 million, growth by 46.45 percent over the year).
Non-interest income of Bank of Baku amounted to 3.1 million manat ($1.8 million, reduction by 4.3 percent over the year). Non-interest expenses of the bank reached 12.4 million manat ($7.3 million, an increase of 20.7 percent over the year) as of March 31, 2022.
Profit before taxes and unforeseen expenses related to banking activities amounted to 11.2 million manat ($6.6 million), having increased by 127.9 percent over the year.
According to the results of 1Q2022, the income tax paid by the bank amounted to 1.3 million manat ($764,700), therefore, Bank of Baku completed 1Q2022 with a net profit of 9.8 million manat ($5.7 million).