BAKU, Azerbaijan, April 27. Azerbaijan's Nakhchivanbank completed the first quarter of 2023 with a net profit of 5.05 million manat ($2.97 million) against 3.5 million manat ($2.06 million) in the same period of last year, Trend reports with reference to the bank's financial report.
Thus, the bank’s net profit grew by 44.13 percent year-on-year.
According to the bank's report, its net interest profit, in the first quarter of 2023, amounted to 5.59 million manat ($3.29 million). It was formed at the expense of interest income of 5.9 million manat ($3.4 million) with an increase of 35.92 percent over the year and due to interest expenses of 390,760 manat ($229,860).
Moreover, the bank's non-interest income equaled 1.2 million manat ($710,000) facing a decrease of 2.28 percent over the year, while its non-interest expenses reached 2.5 million manat ($1.4 million).
In 2022, the net profit of Nakhchivanbank amounted to 13.05 million manat ($7.6 million).
