BAKU, Azerbaijan, July 15. The International Bank of Azerbaijan (IBA) completed the second quarter of 2023 with a net profit of 164 million manat ($96.4 million), while this figure in the same period of 2022 was 118.4 million manat ($69.6 million), Trend reports.
Thus, the IBA's profit for the year increased by 38.53 percent.
According to the bank's financial report, its net interest profit in the specified period reached 311.45 million manat ($183.2 million). It was formed at the expense of interest income of 376.4 million manat ($221.4 million) with an increase of 48.28 percent over the year and due to interest expenses of 64.9 million manat ($38.18 million).
Moreover, the non-interest income of the IBA amounted to 92.7 million manat ($54.5 million) with an increase of 13.59 percent in a year. At the same time, the bank's non-interest expenses reached 159.59 million manat ($93.88 million) as of June 30, 2023.
In addition, profit before taxes and unforeseen expenses related to banking activities amounted to 214.8 million manat ($126.3 million), while its income tax payments totaled 50.76 million manat ($29.86 million).
The IBA completed the first quarter of 2023 with a net profit of 80.4 million manat ($47.2 million).