BAKU, Azerbaijan, May 11
By Eldar Janashvili - Trend:
Azerbaijan’s AFB Bank completed the first quarter of 2020 with a net profit worth 2.5 million manat ($1.5 million), while in the same period of 2019 this figure amounted to 110,000 manat ($64,705), Trend reports referring to the bank’s financial report.
In accordance with the bank’s report, net interest income amounted to 6.8 million manat that’s $4 million (decrease by 0.5 percent for the year) and was formed through interest income worth 7.2 million manat that’s $4.2 million (decrease by 1.9 percent for the year) and interest expenses worth 450,000 manat that’s $264,705 (a decrease by 20 percent for the year).
The bank’s non-interest income amounted to over 2.3 million manat ($1.3 million), increasing by 0.9 percent per annum. The non-interest expenses in late March 2020 amounted to 4.4 million manat that’s $2.6 million (a decrease of 8.7 percent). Operating profit amounted to nearly 4.7 million manat ($2.8 million), which is by 9.8 percent more than in the first quarter of 2019.
The bank allocated over 2.1 million manat ($1.2 million) to replenish a special reserve to compensate for possible losses. Accordingly, AFB Bank’s profit exceeded 2.5 million manat ($1.5 million).
(1 USD = 1.7 AZN on May 11)
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