BAKU, Azerbaijan, April 15
By Zeyni Jafarov - Trend:
Azerbaijan's ASB Bank completed the first quarter of 2021 with the net profit worth 416,000 manat ($244,705), while this figure for the same period of last year amounted to 2.2 million manat ($1.3 million), Trend reports citing the bank's financial report.
The bank's profit on an annualized basis decreased by 1.8 million manat that’s $1.05 million (by 5.4 times).
In accordance with the report, net interest income amounted to 2.8 million manat ($1.6 million, a decrease by 35.6 percent for the year) and was formed through interest income worth 7.3 million manat ($4.3 million, a decrease by 6.6 percent for the year) and interest expenses by 4.5 million manat ($2.6 million, an increase of 29.5 percent for the year).
Non-interest income of ASB Bank amounted to 1.5 million manat ($882,352), increasing by 5.45 percent on an annualized basis.
Non-interest expenses in the first quarter of 2021 amounted to 3.6 million manat ($2.1 million, a decrease of 3.5 percent).
Operating profit amounted to 672,000 manat ($395,294), which is by 66.6 percent less than in the first quarter of 2020.
ASB Bank allocated 155,000 manat ($91,176) for special reserves to compensate for possible losses.
Accordingly, profit before taxes and unforeseen expenses related to banking activity amounted to 517,000 manat ($304,117).
As of the first quarter of 2021, profit tax amounted to 101,100 manat ($59,470). Thus, the bank completed the first quarter of 2021 with net profit of 416,000 manat ($244,705).
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