Azerbaijani Unibank sees growth in total assets for 4Q2022

Finance Materials 27 January 2023 17:33 (UTC +04:00)
Azerbaijani Unibank sees growth in total assets for 4Q2022
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, January 27. Azerbaijani Unibank's total assets increased in the fourth quarter of 2022, Trend reports via the bank’s balance report.

According to the balance report, this figure amounted to 1.4 billion manat ($823 million), up by 401.9 million manat ($236.4 million) or 38.7 percent on annual basis.

The largest share (61.75 percent) in the assets’ structure accounted for the loan portfolio, which grew by 20.34 percent over the year to 889.59 million manat ($523.29 million).

In the fourth quarter of last year, 5.07 percent of the total assets of Unibank (73.1 million manat or $43 million) fell on investments in securities.

Another 16.8 percent (242.1 million manat or $142.4 million) of the bank's assets fell on cash and its equivalents.

Other assets of the bank in the fourth quarter of 2022 amounted to 120.2 million manat ($70.7 million).

Unibank completed the fourth quarter of 2022 with a net profit of 557,000 manat ($327,650), while in 2021 this rate totaled 4.6 million manat ($2.7 million). Thus, the bank's net profit decreased by 88.12 percent over the year.

In the fourth quarter of 2021, the bank's total assets amounted to 1.03 billion manat ($610 million).

Unibank is one of the largest private banks established in Azerbaijan in July 1992 under the name of MBank. In 2021, Unibank co-founded the first Azerbaijani neobank called Leobank.

The bank was established on 15 October 2002 as a result of the merger of the two advanced private commercial banks of Azerbaijan MBank and PROMTEKHBANK. On October 15, 2002, after the merger of MBank with PROMTEXBANK, one of the leading banks of Azerbaijan, the bank's name was changed to Unibank.