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Azerbaijan’s Turan Bank completes 4Q2022 with net profit

Finance Materials 25 January 2023 10:52 (UTC +04:00)
Azerbaijan’s Turan Bank completes 4Q2022 with net profit
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, January 25. Azerbaijan's Turan Bank completed the fourth quarter of 2022 with a net profit of 1.9 million manat ($1.1 million), Trend reports citing the bank's financial report.

According to the report, this figure amounted to 668,000 manat ($392,940) in 2021. Thus, the profit of Turan Bank increased more than 2 times over the year.

According to the bank's report, its net interest income amounted to 24.7 million manat ($14.5 million) and was formed out of interest income of 62.8 million manat or $36.9 million (an increase of 48.03 percent over the year) and interest expenses of 35.1 million manat ($20.6 million).

Bank’s non-interest income amounted to 13.9 million manat or $8.1 million (an increase of 2.12 times over the year), while non-interest expenses reached 30.1 million manat ($17.7 million).

The deduction of targeted reserves to ensure possible losses amounted to 5.7 million manat ($3.3 million).

Profit before taxes and unforeseen expenses related to banking activities amounted to 2.7 million manat ($1.5 million), while income tax payments – 793,000 manat ($466,470).

Thus, Turan Bank completed the fourth quarter of 2022 with a net profit of 1.9 million manat ($1.1 million).

The bank's total assets increased by 14.81 percent, or 105.8 million manat ($6232 million) in the fourth quarter of 2022 compared to the same period in 2021 - to 820.8 million manat ($482.8 million), total liabilities by 16.46 percent - to 731.2 million manat ($430.1 million), and total capital by 2.87 percent - to 89.5 million manat ($52.6 million).

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