BAKU, Azerbaijan, October 26. Bank of Baku completed third quarter of 2022 with a net profit in the amount of 30.7 million manat ($18 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 55.9 million manat ($32.8 million). It was formed by interest income of 71.3 million manat or $41.9 million (growth of 47.83 percent over the year) and interest expenses of 15.4 million manat ($9 million).
Meanwhile, the bank’s non-interest income amounted to 8.7 million manat or $5.11 million (annual growth by 18.56 percent), and its non-interest expenditures reached 38.3 million manat ($22.5 million).
The targeted reserves from the bank's portfolio to ensure possible losses amounted to 11.88 million manat ($6.9 million).
Profit before tax and unforeseen expenses related to banking activities amounted to 38.2 million manat ($22.4 million), profit tax payments – 7.4 manat ($4.3 million).
Thus, Bank of Baku completed third quarter of 2022 with a net profit of 30.7 million manat ($18 million).