BAKU, Azerbaijan, July 26. Azerbaijani MuganBank completed the second quarter of 2022 with a net profit of 506,060 manat ($297,600), Trend reports citing the bank's financial report.
According to financial report, MuganBank's net interest income amounted to 2.1 million manat ($1.2 million) and was formed at the expense of interest income of 18.6 million manat or $10.9 million (an increase of 42.1 percent over the year) and interest expenses of 16.4 million manat ($9.6 million).
Non-interest income of MuganBank amounted to 21.6 million manat or $12.7 million (an increase of 40.4 percent over the year), and non-interest expenses reached 15.7 million manat ($9.2 million).
The deduction of targeted reserves to ensure possible losses amounted to 7.5 million manat ($4.4 million).
Profit before taxes and unforeseen expenses related to banking activities amounted to 506,060 manat ($297,600).