BAKU, Azerbaijan, January 23. Azerbaijan's Rabitabank completed the fourth quarter of 2022 with a net profit of 11.18 million manat ($6.58 million), Trend reports citing the bank's financial report.
According to the bank, this figure amounted to 2.7 million manat ($1.59 million) in 2021. Thus, the bank's profit increased more than 4 times.
According to Rabitabank, its net interest income was 48.6 million manat ($28.59 million) for the fourth quarter of 2022. The net income was formed by interest income of 68.42 million manat or $40.25 million (growth of 26.63 percent) and interest expenses of 19.73 million manat ($11.61 million).
The non-interest income of Rabitabank amounted to 48.8 million manat or $28.7 million (annual growth of 65.1 percent), while non-interest expenditures reached 76.8 million manat ($45.1 million).
The deduction of targeted reserves from the bank's portfolio to ensure possible losses amounted to 3.5 million manat ($2.06 million)
Profit before tax and unforeseen expenses related to banking activities amounted to 17.06 million manat ($10.04 million), while income tax payments - 5.8 million manat ($3.4 million).
Thus, Rabitabank completed 2022 with a net profit of 11.8 million manat ($6.58 million).
