BAKU, Azerbaijan, April 26. Azerbaijan's Bank of Baku completed the first quarter of 2023 with a net profit of 9.5 million manat ($5.5 million), while in the same period last year, the profit was 9.8 million manat ($5.7 million), Trend reports with reference to the bank's financial report.
Thus, the bank reduced its net profit by 3.49 percent year-on-year.
According to the bank's report, its net interest profit, in an accounting period, amounted to 20.9 million manat ($12.2 million). It was formed at the expense of interest income of 29.6 million manat ($17.4 million) with an increase of 41.05 percent over the year and due to interest expenses of 8.7 million manat ($5.1 million).
Moreover, the bank's non-interest income reached 2.19 million manat ($1.28 million) facing a decrease of 30.31 percent over the year, while its non-interest expenses totaled 15.1 million manat ($8.8 million) as of March 31, 2023.
Meanwhile, target reserves to ensure possible losses totaled 5.3 million manat ($3.1 million).
Overall, profit before taxes and unforeseen expenses related to banking activities amounted to 13.3 million manat ($7.8 million), while income tax payments totaled 3.8 million manat ($2.2 million).