BAKU, Azerbaijan, April 26. Azerbaijan’s Muganbank OJSC completed 1Q2022 with a net profit of 3.01 million manat ($1.77 million), while the same figure in the same period last year amounted to 1.59 million manat ($935,200), Trend reports citing Muganbank.
Muganbank’s profit for the year increased by 89.33 percent.
According to the bank's report, net interest income amounted to 935,000 manat ($550,000). It was formed at expense of interest income of 9.01 million manat ($5.3 million, an increase of 43.05 percent over the year) and interest expenses of 8.08 million manat ($4.7 million, an increase of 36.9 percent over the year).
Muganbank’s non-interest income amounted to 11.05 million manat ($6.5 million, an increase of 18.9 percent over the year).
Muganbank’s non-interest expenses reached 7.13 million manat ($4.2 million, a decrease of 10.8 percent over the year) as of March 31, 2022.
Profit before taxes and unforeseen expenses related to banking activities amounted to 3.01 million manat ($1.77 million), having increased by 89.3 percent over the year.