BAKU, Azerbaijan, May 2. Azerbaijan’s Nakhchivanbank ended the first quarter of 2022 with a net profit of 3.5 million manat ($2.05 million), while this figure in the same period last year amounted to 2.2 million manat ($1.3 million), Trend reports citing bank's financial report.
Nakhchivanbank’s profit for the year increased by 56.6 percent.
According to bank's report, its net interest income amounted to 4.1 million manat ($2.4 million). It was formed at expense of interest income of 4.4 million manat ($2.6 million, growth by 45.7 percent over the year) and interest expenses by 251,200 manat ($147,700, growth by 21.1 percent over the year).
Non-interest income of Nakhchivanbank amounted to 1.2 million manat ($705,800, an increase of 17.2 percent over the year). Non-interest expenses of bank reached 1.7 million manat ($1 million) as of March 31, 2022.
Nakhchivanbank’s profit before taxes and contingencies related to banking activities amounted to 3.5 million manat ($2.05 million).