BAKU, Azerbaijan, Oct. 29
By Fidan Babayeva - Trend:
A net profit of Azerbaijan's large corporate bank, AFB Bank, amounted to 1.77 million manat ($1.04 million) from January through September 2020, having slumped 1.6 times year on year, Trend reports citing the bank's financial report.
AFB Bank's revenues for the mentioned nine months totaled 26.6 million manat ($15.6 million), which is 8.6 percent less compared to a year earlier, expenses – 14 million manat ($8.23 million), which is 14.5 percent less compared a year earlier.
At the same time, the bank’s deductions to special reserves increased by 30 percent and amounted to over 10.7 million manat ($6.29 million).
During the reporting period, AFB Bank's liabilities decreased by 7 percent and amounted to 469.7 million manat ($276.2 million), including the deposit portfolio - by 4.7 percent, making up 364.8 million manat ($214.5 million), and the balance capital increased by 0.4 percent and reached 78.7 million manat ($46.2 million).
The Fitch Ratings international rating agency has confirmed the long-term issuer default rating (IDR) of Azerbaijan AFB Bank at ‘B-‘, the outlook is stable.
AFB Bank has been operating since 2008 under the name Azfinansbank. In 2009, it carried out a rebranding.
The bank's authorized capital is 70.3 million manat ($41.3 million).
(1 USD = 1.7 manat on Oct. 29)
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