Baku, Azerbaijan, Jan. 29
By Taleh Mursagulov – Trend:
Azerbaijan’s Muganbank completed the fourth quarter of 2018 with profit worth 1.43 million manats, Trend reports with reference to the bank’s financial report Jan. 29.
For the same period in 2017, Muganbank’s losses amounted to 6.69 million manats.
Following the fourth quarter of 2018, the bank’s interest income reached 42 million manats (42.81 million manats a year earlier), non-interest income reached 16.65 million manats (9.28 million manats). Interest expenses of the bank amounted to 25.67 million manats (16.19 million manats), non-interest expenses amounted to 2.92 million manats (2.18 million manats).
The total assets of Muganbank during the reporting period amounted to 551.65 million manats, increasing by almost 14.88 percent over the year.
In the structure of assets, 16.057 million manats accounted for cash (15.38 million manats a year earlier). About 37.3 million manats of the bank were on the correspondent account at the Central Bank of Azerbaijan (38.66 million manats), while another 24.22 million manats were on nostro accounts in other banks (13.03 million manats).
The bank’s loan portfolio following the fourth quarter of 2018 amounted to 371.64 million manats, which is almost 6.46 percent more than in the last quarter of 2017.
The total liabilities of the bank amounted to 471.66 million manats compared to 480.18 million manats a year earlier. The largest part of liabilities accounted for the deposit portfolio - 280.78 percent, which increased by 39.17 percent over the year.
The bank also attracted loans from other financial institutions for 184.91 million manats during the year.
The share capital of Muganbank is 95 million manats, while the total capital is 79.987 million manats.
(1.7 manats = 1 USD on Jan. 29)
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