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Yapi Kredi Bank Azerbaijan ends 1Q2022 with profit

Finance Materials 26 April 2022 13:14 (UTC +04:00)
Yapi Kredi Bank Azerbaijan ends 1Q2022 with profit
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, April 26. Yapi Kredi Bank Azerbaijan ended the first quarter of 2022 with a net profit, Trend reports citing the bank's financial report.

According to the financial report, this figure amounted to 400,100 manat ($235,350), while the first quarter of last year ended with the bank’s loss worth 122,150 manat ($71,850).

Thus, the bank's profit increased by 427.55 percent for the year.

Besides, net interest income of Yapi Kredi Bank Azerbaijan from January through March 2022 amounted to 5.4 million manat ($3.1 million). It was formed through interest income of 5.7 million manat ($3.3 million, an increase of 7.07 percent over the year) and interest expenses of 390,050 manat ($229,440, a growth of 13.39 percent on annual basis).

Meanwhile, the bank’s non-interest income exceeded 3.8 million manat ($2.2 million, up by 36.26 percent over the year), while non-interest expenses reached 7.3 million manat ($4.3 million, an increase of 6.57 percent compared to 1Q2021).

Profit of Yapi Kredi Bank Azerbaijan before taxes and unforeseen expenses related to banking activities amounted to 778,530 manat ($457,960), and profit tax paid by the bank in the first quarter of this year equaled 378,430 manat ($222,610).

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