BAKU, Azerbaijan, April 19. The International Bank of Azerbaijan (IBA) completed the first quarter of 2023 with a net profit of 80.4 million manat ($47.2 million), while this figure in the same period of 2022 was 39.2 million manat ($23 million), Trend reports with reference to the bank's financial report.
Thus, the IBA's profit for the year increased by 105.02 percent.
According to the bank's report, its net interest profit in the specified period reached 158.6 million manat ($93.2 million). It was formed at the expense of interest income of 192.1 million manat ($113 million) with an increase of 61.37 percent over the year and due to interest expenses of 33.4 million manat ($19.6 million).
Moreover, the non-interest income of the IBA amounted to 38.2 million manat ($24.2 million) with an increase of 25.09 percent in a year. At the same time, the bank's non-interest expenses reached 70.2 million manat ($41.2 million) as of March 31, 2023.
In addition, profit before taxes and unforeseen expenses related to banking activities amounted to 106 million manat ($62.3 million), while its income tax payments totaled 25.6 million manat ($15 million).
