Baku, Azerbaijan, April 27
By Eldar Janashvili – Trend:
Azerbaijan’s AGBank completed the first quarter of 2020 with a loss of 1 million manat ($590,000), Trend reports referring to the bank’s financial report.
The bank’s loss from March 2019 through March 2020 amounted to 531.4 million manat ($312.5 million), increasing by 89.8 percent.
According to the report, net interest loss amounted to 476,600 manat, or $280,300 (decrease of 40.9 percent compared to March 2019), which was formed as ratio of interest income in the amount of 2.8 million manat, or $1.6 million (decrease of 17.8 percent compared to March 2019) to interest expense in the amount of 3.3 million manat, or $1.9 million (decrease of 22.1 percent compared to March 2019).
The bank’s non-interest expenses amounted to 5.6 million manat ($3.3 million), which is decrease by one third compared to March of last year.
The non-interest expenses at the end of March 2020 amounted to 6.7 million manat ($3.9 million), which is decrease by 20.9 percent compared to the end of March 2019.
As a result, the operating proceeds amounted to 615,000 manat ($361,700), which was fully spent on reserves, which decreased by 40.6 percent compared to 1Q2019. Accordingly, a profit after paying taxes and contingencies in the amount of 1 million manat ($590,000) associated with the banking activity stood at 1 million manat.
AGBank has been operating in Azerbaijan since 1992.
($1 = 1.7 manat on Apr.27)
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