Baku, Azerbaijan, July 16
By Kheyraddin Nasirzade - Trend:
In the second quarter of 2019, net profit of Azerbaijan’s TuranBank decreased by 26.8 percent compared to the same period last year, Trend reports referring to the financial report of the bank.
The bank’s net profit as of June 30 this year amounted to 150,000 manats, according to the report.
The profit was formed at the expense of the bank’s interest incomes, which grew by 16.385 million manats, or 9.2 percent in the first six months and non-interest incomes, which grew by 1.577 million manats. The bank’s interest expenses amounted to 10.812 million manats, while non-interest expenses stood at 7.064 million manats.
As a result, an operating profit of 85,000 manats was formed. During the reporting period, the bank allocated funds to create targeted reserves to cover potential losses in the amount of 65,000 manats. As a result, net profit amounted to 150,000 manats.
TuranBank has been operating in Azerbaijan since 1992.
(1 USD = 1.7 AZN on July 16)
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