BAKU, Azerbaijan, April 27. Azerbaijan's Expressbank completed the first quarter of 2023 with a net profit of 3.4 million manat ($2 million) against 3.5 million manat ($2.06 million) in the same period of 2022, Trend reports with reference to the bank's financial report.
Thus, the bank’s profit decreased by 1.91 percent year-on-year.
According to the bank's report, its net interest profit, in the reporting period, amounted to 9.6 million manat ($5.6 million). It was formed through interest income of 12.96 million manat ($7.6 million) with an increase of 9.59 percent over the year and interest expenses of 3.3 million manat ($1.9 million).
Meanwhile, the bank's non-interest income equaled 4.9 million manat ($2.8 million) facing a growth of 47.88 percent over the year, while its non-interest expenses reached 10.7 million manat ($6.29 million) as of March 31, 2023.
Besides, target reserves to secure possible losses totaled 451,970 manat ($265,860).
Overall, profit before taxes and unforeseen expenses related to banking activities amounted to 4.3 million manat ($2.5 million), while profit tax payments totaled 875,260 manat ($514,860).
Expressbank, the first commercial bank among the existing ones, was established on June 21, 1989 operating for a long period under the name "OJSC Azernagliyyatbank". The bank was licensed by the Central Bank of the Republic of Azerbaijan on December 30, 1992. By the decision of the General Meeting of Shareholders made on February 1, 2010, the name of OJSC Azernagliyyatbank was changed to Expressbank OJSC. The relevant amendment to the Charter was registered on March 4, 2010.