BAKU, Azerbaijan, July 5
By Eldar Janashvili - Trend:
The big Azerbaijani Bank BTB completed 2019 with the net profit worth 3.03 million manat ($1.8 million), while completed 2018 with the net profit worth 2.5 million manat ($1.5 million), Trend reports referring to the bank’s consolidated audited financial report.
Thus, the bank increased the profit by 533,000 manat ($313,529) or 21.3 percent on an annualized basis.
In accordance with the report, net interest income amounted to 10.5 million manat that’s $6.2 million (an increase of 21.5 percent for the year) and was formed through the difference between interest income worth 22.5 million manat that’s $13.2 million (an increase of 15 percent for the year) and interest expenses worth 11.9 million manat that’s $7 million (annual growth of 9.8 percent).
The bank’s commission income amounted to 3.7 million manat that’s $2.2 million (an increase of 6.9 percent for the year) and was formed through the difference between commission income worth 4.2 million manat that’s $2.5 million (an increase of 5.6 percent for the year) and commission expenses worth 499,000 manat that’s $293,529 (decrease by 3.3 percent for the year).
The revenues from operations with foreign currency amounted to 2.1 million manat ($1.2 million), increasing by 3.5 percent year on year. The state subsidies to the bank amounted to 816,000 manat ($480,000).
The bank’s net non-interest income amounted to 776,000 manat that’s $456,470 (an increase of 49.2 percent). Thus, operating revenues amounted to 18.04 million manat ($10.6 million), which is 22.6 percent more than in 2018.
The salaries to employees in 2019 amounted to 8.5 million manat that’s $5 million (an increase of 13.1 percent). Other administrative expenses amounted to 6.4 million manat ($3.8 million), an increase of 11.2 percent. As a result, Bank BTB's net annual profit amounted to 3.03 million manat ($1.8 million), an increase of 21.3 million manat ($12.5 million).
BTB Bank was established in 2010. Currently, the bank has 17 service centers.
(1 USD = 1.7 AZN on July 5)
-----
Follow the author on Twitter: @eldarjanashvili
