BAKU, Azerbaijan, April 25. International Bank of Azerbaijan (IBAR) completed 1Q2022 with a net profit of 39.21 million manat ($22.9 million), while this figure in the same period last year amounted to 32.39 million manat ($19.05 million), Trend reports citing the bank's financial report.
Profit of IBAR for the year increased by 21.06 percent.
According to the bank's report, its net interest income amounted to 102.38 million manat ($60.22 million). It was formed at expense of interest income of 119.07 million manat ($70.04 million, an increase of 12.16 percent over the year) and interest expenses of 16.68 million manat ($9.81 million, a decrease of 37.53 percent over the year).
Non-interest income of IBAR amounted to 30.61 million manat ($18 million, an increase of 1.82 percent over the year). Non-interest expenses of the bank reached 58.92 million manat ($34.65 million, an increase of 29.18 percent over the year) as of March 31, 2022.
Profit before taxes and unforeseen expenses related to banking activities amounted to 48.18 million manat ($28.3 million), which has increased by 16.41 percent over the year.
According to results of 1Q2022, income tax paid by IBAR amounted to 8.96 million manat ($5.2 million).
IBAR completed 1Q2022 with a net profit of 39.21 million manat ($23.06 million).