BAKU, Azerbaijan, July 29
By Eldar Janashvili – Trend:
Azerbaijan's big corporate MuganBank finished the first half of 2020 with the net loss worth 1.8 million manat ($1.06 million), while at the end of 2019 the loss amounted to 9.8 million manat ($5.8 million), Trend reports citing the bank's financial report.
The bank's profit decreased by more than five times during the first half of 2020.
In accordance with the bank’s report, net interest income amounted to 4.7 million manat that’s $2.8 million (a decrease by 22.7 percent) and was formed through the interest income worth 14.6 million manat that’s $8.6 million (a decrease by 23 percent since the beginning of the year) and interest expenses worth 9.9 million manat that’s $5.8 million (a decrease by 23.7 percent).
The bank's non-interest income amounted to 8.4 million manat that’s $4.9 million (a decrease by 13.8 percent since the beginning of the year).
Non-interest expenses at the end of June 2020 amounted to 13.9 million manat that’s $8.2 million (an increase of 2.4 percent).
The expenses for the creation of special reserves to compensate for potential losses on assets amounted to 7.7 million manat ($4.5 million), an increase of 2.4 percent compared to 2019.
General, administrative and other expenses amounted to 5.03 million manat ($2.9 million), decreasing by almost twofold since the beginning of the year.
The bank's profit tax for the first half of 2020 amounted to 1.1 million manat ($647,058), which is by ten times less than in 2019.
(1 USD = 1.7 AZN on July 29)
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