Baku, Azerbaijan, Apr.24
By Eldar Janashvili - Trend:
The International Bank of Azerbaijan (IBA) completed the first quarter of 2020 with a net profit of 51 million manat ($30 million), while it ended the same period last year with a profit of 130.3 million manat ($76.6 million), Trend reports referring to the bank’s financial report.
On an annualized basis, the bank decreased its profit by 2.5 times.
According to the IBA report, net interest income amounted to 80.8 million manat ($47.5 million), which indicates an increase of 5.1 percent, and it was formed on the base of interest income in the amount of 105.7 million manat ($62.2 million), showing annual decrease of 2.7 percent, and interest expenses of 24.8 million manat ($14.6 million), indicating annual increase of 6.3 percent.
Non-interest incomes of the bank amounted to 33.2 million manat ($19.5 million), showing an increase of 13.1 percent.
Meanwhile, non-interest expenses at the end of March 2020 amounted to 38.5 million manat ($22.6 million), showing an increase of 30.6 percent.
The operational profit made up 75.6 million manat ($44.4 million), which is 9.5 million manat ($5.5 million), or 11.2 percent less compared to 1Q2019.
The bank has allocated 24.6 million manat ($14.4 million) to create a special reserve for reimbursing potential losses on assets.
The profit prior to paying taxes and contingencies associated with the bank’s activities amounted to 51 million manat ($30 million), decreasing by 60.8 percent.
($1 = 1.7 manat on Apr. 24)
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