BAKU, Azerbaijan, July 13
By Zeyni Jafarov - Trend:
Azerbaijan's ASB Bank completed the second quarter of 2021 with the net profit, Trend reports citing the bank's financial report.
According to the report, this indicator amounted to over 1.1 million manat ($650,000) against over 3.3 million manat ($1.9 million) recorded in 2Q2020.
The bank's profit on an annualized basis decreased by 2.25 million manat ($1.2 million, or 3 times).
Besides, net interest income of the bank amounted to 6.36 million manat ($3.74 million, decrease of 17.8 percent for the year) and was formed through interest income worth 14.36 million manat ($8.45 million, decrease of 11 percent for the year) and interest expenses worth 8 million manat ($4.7 million, decrease of 4.7 percent for the year).
Non-interest income of ASB Bank exceeded 2.9 million manat ($1.7 million), increasing by 6.6 percent on annual basis.
Non-interest expenses in the second quarter of 2021 reached 7.45 million manat ($4.38 million, decrease of 4.5 percent).
Operating profit amounted to 1.88 million manat ($1.11 million), which is by 44.6 percent less than in the second quarter of 2020.
ASB Bank allocated 483,000 manat ($284,120) for special reserves to compensate for possible losses.
Accordingly, profit before taxes and unforeseen expenses related to banking activity amounted to nearly 1.4 million manat ($820,000).
As of the second quarter of 2021, profit tax amounted to 282,700 manat ($166,290). Thus, the bank completed the reporting period with net profit of over 1.1 million manat ($244,705).
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