BAKU, Azerbaijan, May 4
By Eldar Janashvili - Trend:
Azerbaijan’s Xalq Bank OJSC completed 1Q2020 with a profit of 9 million manat ($5.2 million), compared to indicator of 7.2 million manat ($4.2 million) for the same period of 2019, Trend reports citing the bank’s financial report.
On an annualized basis, the bank increased its profit by 25.6 percent.
According to the bank report, net interest income amounted to 20 million manat ($11.7 million), indicating an increase of 7.9 percent for the year and was formed due to interest income of 27.5 million manat ($16.1 million), which also increased by 0.8 percent year on year. The interest expenses decreased by 15.5 percent, amounting to 4.8 million manat ($2.8 million).
Non-interest income of the bank increased by 2.85 times, exceeding 7.9 million manat ($4.6 million). Non-interest expenses amounted to 11.5 million manat ($6.7 million), showing the increase of 7.1 percent at the end of March 2020. Operating profit amounted to 16.4 million manat ($9.6 million), 5.4 million manat ($3.1 million) of which was spent on reserves, the volume of which is 38.5 percent less compared to the same indicator for the first quarter of 2019.
Accordingly, profit after tax and unforeseen expenses associated with banking activities worth 1.9 million manat ($1.1 million) amounted to 9 million manat ($5.2 million).
(1 USD = 1.7 AZN on May 2)
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