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Azerbaijan's Xalq Bank completes 4Q2022 with profit

Finance Materials 20 January 2023 10:38 (UTC +04:00)
Azerbaijan's Xalq Bank completes 4Q2022 with profit
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, January 20. Azerbaijan’s Xalq Bank OJSC completed the fourth quarter 2022 with a net profit of 27.2 million manat ($16 million), Trend reports citing the bank’s financial report.

According to the bank report, net interest profit in the reporting period amounted to 92.7 million manat ($54.5 million). It was formed due to interest incomes worth 115.3 million manat or $67.8 million (increase of 23.71 percent over the year) and interest expenses in the amount of 22.6 million manat ($13.3 million).

Non-interest incomes of the bank equaled 24.16 million manat or $14.21 million (increase of 76.56 percent), while noninterest expenses reached 64.1 million manat ($37.7 million) as of December 31,2022

Profit before tax and unforeseen expenses related to banking activities amounted to 32.6 million manat ($19.18 million), and profit tax payments – 5.4 million manat ($3.18 million).

Previously (in the third quarter), the bank’s net profit stood at 19.9 million manat ($11.7 million), and net interest profit - 64.1 million manat ($37.7 million). It was formed due to interest incomes in the amount of 80.9 million manat or $47.5 million (increase by 16.14 percent over the year) and interest expenses decreased the amount of 16.8 million manat ($9.8 million).

Non-interest income of the bank amounted to 14.4 million manat (or $8.4 million, increase of 63.82 percent), while noninterest expenses - 44.5 million manat or $26.1 million as of September 30, 2022.

Profit before tax and unforeseen expenses related to banking activities in the third quarter amounted to 24 million manat ($14.1 million), and profit tax payments – 4.07 million manat ($2.3 million).

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