BAKU, Azerbaijan, April 27. Premium Bank of Azerbaijan completed the first quarter of 2023 with a net profit of 3.5 million manat ($2 million) compared to the same last year’s period, Trend reports via the bank's financial report.
According to the report, the bank's profit amounted to 1.3 million manat ($764,705).
Thus, the bank's net profit increased by 2.51 times year-on-year.
As noted in the bank's report, its net interest profit in the first quarter of 2023 amounted to 5.4 million manat ($3.1 million). It was formed at the expense of interest income of 8.02 million manat or $4.7 million (an increase of 4.42 percent over the year) and interest expenses of 2.5 million manat ($1.4 million).
Premium Bank's non-interest income amounted to 4.3 million manat or $2.5 million (an increase of 23.58 percent over the year). As of March 31, 2023, the bank's non-interest expenses reached 7.1 million manat ($4.1 million).
Target reserves to ensure possible losses amounted to 736,000 manat ($432,941).
Profit before taxes and unforeseen expenses related to banking activities amounted to 3.5 million manat ($2 million).