BAKU, Azerbaijan,October 21. Azerbaijan’s Azer Turk Bank completed the third quarter of 2022 with a net profit in the amount of 3.07 million manat ($1.8 million), Trend reports citing the bank’s financial report.
According to the report, the net interest profit of the bank in the reporting period equaled 16.1 million manat ($9.4 million). It was formed by interest income of 23.4 million manat or $13.7 million (growth of 50.94 percent over the year) and interest expenses of 7.2 million manat ($4.2 million).
Meanwhile, the bank’s non-interest income amounted to 21.05 million manat or $12.3 million (annual growth by 2.37 times), and its non-interest expenditures reached 29.6 million manat ($17.4 million).
The deduction of targeted reserves from the bank's portfolio to ensure possible losses amounted to 3.79 million manat ($2.2 million).
Profit before tax and unforeseen expenses related to banking activities amounted to 3.7 million manat ($2.1 million), profit tax payments – 700,000 manat ($411,764).
Thus, Azer Turk Bank completed the third quarter of 2022 with a net profit of 3.07 million manat ($1.8 million).