BAKU, Azerbaijan, January 25. Azerbaijan's AccessBank completed the fourth quarter of 2022 with a net profit (before payment of tax and unforeseen expenses related to banking activities) in the amount of 15.03 million manat ($8.84 million), Trend reports via the bank’s financial report.
According to the report, the net interest profit of the bank in the reporting period equaled 83.57 million manat ($49.16 million). It was formed by interest income of 140.5 million manat or $82.6 million (growth of 39.09 percent over the year) and interest expenses of 56.9 million manat ($33.4 million).
Meanwhile, the bank’s non-interest income amounted to 13.07 million manat or $7.69 million (annual growth by 19.88 percent), and its non-interest expenses reached 72.3 million manat ($42.5 million).
The deduction of the bank’s targeted reserves to ensure possible losses amounted to 9.29 million manat ($5.46 million).
Previously, in the third quarter of last year, its net profit amounted to 5.2 million manat ($3.05 million), and in the fourth quarter of 2021 – 1.1 million manat ($650,000).
AccessBank was founded on October 29, 2002, as the Micro Finance Bank of Azerbaijan by the Black Sea Trade and Development Bank, European Bank for Reconstruction and Development, International Finance Corporation, KfW [Credit Institute for Reconstruction] and LFS Financial Systems sharing 20 percent of the equity each.
The mission of AccessBank is to contribute to the sustainable development of Azerbaijan by providing responsible financial services and solutions to households and micro, small and medium enterprises, using internationally recognized best banking practices.