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Azerbaijan’s Bank Respublika reveals its financial performance

Finance Materials 30 January 2023 09:31 (UTC +04:00)
Azerbaijan’s Bank Respublika reveals its financial performance
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, January 30. Azerbaijan’s Baku Respublika completed the fourth quarter of 2022 with a net profit of 26.6 million manat ($15.6 million), while this rate totaled 19.5 million manat ($11.4 million) in the same period of 2021, Trend reports via the financial report of the bank.

Thus, Bank Respublika’s profit increased by 36.51 percent over the year.

According to the report, the net interest profit of Bank Respublika amounted to 84.7 million manat ($49.8 million) and was formed of interest income of 138.5 million manat or $81.4 million (an increase of 52.69 percent over the year) and interest expenses of 53.7 million manat ($31.5 million).

Non-interest income of Bank Respublika amounted to 39.2 million manat or $23 million (an increase of 69.79 percent over the year), and non-interest expenses reached 90.7 million manat ($53.3 million).

The expenses for creating reserves to cover possible losses amounted to 2.78 million manat ($1.6 million).

Profit before taxes and unforeseen expenses related to banking activities amounted to 36 million manat ($21.1 million), and income tax payments totaled 9.41 million manat ($5.5 million).

Thus, Bank Respublika completed the fourth quarter of 2022 with a net profit of 26.6 million manat ($15.6 million).

The bank's total assets increased by 28.6 percent, or 352.4 million manat ($207.2 million) in the fourth quarter of 2022 compared to the same period in 2021 - to 1.5 billion manat ($882.3 million), total liabilities by 29.56 percent - to 1.4 billion manat ($823.5 million), total capital by 17.81 percent - to 118.4 million manat ($69.6 million).

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