BAKU, Azerbaijan, January 25. Azerbaijan's Turan Bank completed the fourth quarter of 2022 with a net profit of 1.9 million manat ($1.1 million), Trend reports citing the bank's financial report.
According to the report, this figure amounted to 668,000 manat ($392,940) in 2021. Thus, the profit of Turan Bank increased more than 2 times over the year.
According to the bank's report, its net interest income amounted to 24.7 million manat ($14.5 million) and was formed out of interest income of 62.8 million manat or $36.9 million (an increase of 48.03 percent over the year) and interest expenses of 35.1 million manat ($20.6 million).
Bank’s non-interest income amounted to 13.9 million manat or $8.1 million (an increase of 2.12 times over the year), while non-interest expenses reached 30.1 million manat ($17.7 million).
The deduction of targeted reserves to ensure possible losses amounted to 5.7 million manat ($3.3 million).
Profit before taxes and unforeseen expenses related to banking activities amounted to 2.7 million manat ($1.5 million), while income tax payments – 793,000 manat ($466,470).
Thus, Turan Bank completed the fourth quarter of 2022 with a net profit of 1.9 million manat ($1.1 million).
The bank's total assets increased by 14.81 percent, or 105.8 million manat ($6232 million) in the fourth quarter of 2022 compared to the same period in 2021 - to 820.8 million manat ($482.8 million), total liabilities by 16.46 percent - to 731.2 million manat ($430.1 million), and total capital by 2.87 percent - to 89.5 million manat ($52.6 million).
