BAKU, Azerbaijan, July 25. Azerbaijan’s Azer Turk Bank completed the second quarter of 2022 with a net profit (before payment of tax and contingencies on banking activity) in the amount of 812,000 manat ($477,650), Trend reports citing the bank’s financial report.
According to the report, the net interest profit of the bank in the reporting period equaled 9.7 million manat ($5.7 million). It was formed by interest income of 14.2 million manat or $8.3 million (growth of 43.12 percent over the year) and interest expenses of 4.5 million manat ($2.6 million).
Meanwhile, the bank’s non-interest income amounted to 8.9 million manat or $5.2 million (annual growth of 98.34 percent), and its non-interest expenditures reached 17.69 million manat ($10.41 million).
The deduction of targeted reserves from the bank's portfolio to ensure possible losses amounted to 177,000 manat ($104,120).