BAKU, Azerbaijan, April 14
By Eldar Janashvili - Trend:
Azerbaijan’s Kapital Bank completed the first quarter of 2020 with a net profit of 74.9 million manat ($44 million) compared to 47.6 million manat ($28 million) in the same period of 2019, Trend reports referring to the bank’s financial report.
The bank increased its profit by 57.3 percent on an annualized basis.
In accordance with the report, net interest income amounted to 93.8 million manat that’s $55.2 million (an increase of 22.1 percent for the year) and was formed through the interest income worth 106.5 million manat that’s $62.6 million (an increase of 26.2 percent for the year) and interest expenses worth 12.6 million manat that’s $7.4 million (a 23-percent decrease for the year).
The bank’s non-interest income amounted to 48.4 million manat that’s $28.5 million (an increase of 34.4 percent). The non-interest expenses amounted to 58.9 million manat that’s $34.6 million (an increase of 27.2 percent) in late February 2020. Operating loss amounted to 10.5 million manat ($6.2 million) in the first quarter of 2020, which is 224,000 manat ($131,764) more than in the same period of 2019.
The bank allocated 10.6 million manat ($6.2 million) to create a special reserve for compensation of possible losses on assets, which is 17.08 million manat ($10 million) less than a year earlier.
The profit before paying taxes and unforeseen expenses related to the banking activity amounted to 93.9 million manat ($55.2 million), an increase of 56.3 percent. The volume of income tax amounted to 19 million manat ($11.2 million).
(1 USD = 1.7 AZN on April 14)
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