BAKU, Azerbaijan, April 25. Azerbaijan’s AFB Bank completed the first quarter of 2023 with a net profit of 2.6 million manat ($1.5 million), Trend reports via the bank’s financial report.
According to the bank’s report, its net interest profit for the reporting period was 3.29 million manat ($1.94 million). It was formed by interest income of 4.25 million manat or $2.5 million (growth of 0.26 percent over the year) and interest expenses of 958,720 manat ($563,950).
Meanwhile, AFB Bank’s non-interest income also amounted to 3.29 million manat (decrease of 10.48 percent compared to the first quarter of 2022).
The bank’s non-interest expenditures as of March 31, 2023 reached 4.69 million manat ($2.76 million).
AFB Bank started its activity in 2008 under the name of Azfinansbank and rebranded in 2009. Its authorized capital is 70.39 million manat ($41.4 million).
