BAKU, Azerbaijan, January 25. Azerbaijan’s Bank Avrasiya completed the fourth quarter of 2022 with a net profit of 1.8 million manat ($1.06 million), Trend reports via the financial report of the bank.
According to the report, this figure accounted for 792,590 manat ($466,230) in 2021. Thus, the bank’s net profit increased by 2.29 times.
The bank’s net interest income in the fourth quarter of 2022 amounted to 10.5 million manat ($6.1 million). It was formed out of an interest income of 12.7 million manat or $7.4 million (an increase of 8.84 percent over the year) and interest expenses of 2.1 million manat ($1.2 million).
Non-interest income of Bank Avrasiya amounted to 2.7 million manat or $1.5 million (an increase of 23.98 percent over the year). Non-interest expenses of the bank reached 6.9 million manat or $4.06 million as of December 31, 2022.
The deduction of targeted reserves to ensure possible losses amounted to 4.01 million manat ($2.3 million).
Profit before taxes and unforeseen expenses related to banking activities amounted to 2.4 million manat ($1.4 million), while income tax payments – 586,090 manat ($344,760).
Thus, Bank Avrasiya completed the fourth quarter of 2022 with a net profit of 1.8 million manat ($1.06 million).
The bank’s total assets increased by 33.94 percent, or 56.8 million manat ($33.4 million) in the fourth quarter of 2022 compared to the same period in 2021 - up to 224.2 million manat ($131.8 million), total liabilities by 57.22 percent - up to 150.4 million manat ($88.4 million), and total capital by 2.88 - up to 73.8 million manat ($43.4 million).