BAKU, Azerbaijan, April 27. Ziraat Bank Azerbaijan completed the first quarter of 2023 with a net profit of 3.3 million manat ($1.9 million) against 2.05 million manat ($1.2 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 62.63 percent year-on-year.
According to the bank’s report, the net interest profit of Ziraat Bank Azerbaijan in the first quarter of this year totaled 6.9 million manat ($4.06 million). It was formed through interest income of 10.19 million manat ($5.9 million) with an increase of 42.75 percent over the year and interest expenses of 2.5 million manat ($1.4 million).
Moreover, the non-interest income of the bank amounted to 3.3 million manat ($1.9 million) with an increase of 8.03 percent per year, while the non-interest expenses of the bank reached 4.5 million manat ($2.6 million) as of March 31, 2023.
Target reserves deduced to secure possible losses stood at 2.4 million manat ($1.4 million).
In 2022, net profit of Ziraat Bank Azerbaijan equaled 7.5 million manat ($4.4 million)
