BAKU, Azerbaijan, July 21. Azerbaijan Industry Bank ended the second quarter of 2022 with a net profit of 3 million manat ($1.7 million), while this figure amounted to 1.1 million manat ($647,000) in the same period last year, Trend reports citing bank's financial report.
Bank’s profit increased 2.6 times over the year.
According to bank's report, its net interest income amounted to 6.8 million manat ($4 million).
Net interest income was formed at the expense of interest income of 12.1 million manat ($7.1 million) and interest expenses of 5.2 million manat ($3.05 million).
Non-interest income of Azerbaijan Industry Bank amounted to 4.2 million manat or $2.4 million (an increase of 44.3 percent over the year).
Bank’s non-interest expenses reached 8.1 million manat ($) as of June 30, 2022.
Profit before taxes and unforeseen expenses related to banking activities amounted to 3.7 million manat ($2.1 million), income tax payments – 760,700 manat ($447,400).
Azerbaijan Industry Bank completed the second quarter of 2022 with a net profit of 3 million manat ($1.7 million).