BAKU, Azerbaijan, July 27. Ziraat Bank Azerbaijan completed the first half of 2023 with a net profit of 4.1 million manat ($2.4 million), Trend reports.
Besides, the bank's total operating (interest and non-interest) incomes amounted to 27.46 million manat ($16.15 million), and its total operating (interest and non-interest) expenses were 15.7 million manat ($9.2 million). Thus, the profit on them equaled 10.2 million manat ($6 million). From its operating profit, the bank directed 6.7 million manat ($3.9 million) to create a target reserve for repaying possible losses on assets.
The total assets of Ziraat Bank Azerbaijan in the first half of this year rose by 26.7 percent, or 141.45 million manat ($83.2 million), and amounted to 670.35 million manat ($394.3 million). The loan portfolio also grew by 9.6 percent, or 30.37 million manat ($17.86 million), up to 347.9 million manat ($204.6 million).
At the same time, the bank increased deposits by 42.5 percent, or by 135.15 million manat ($79.5 million), up to 452.9 million manat ($266.4 million) in the reporting period.
In particular, term deposits of individuals increased by 49.5 percent, or 49.47 million manat ($29.1 million), and reached 149.3 million manat ($87.8 million). Demand deposits of legal entities in the bank grew by 2.14 times, or 120.5 million manat ($70.8 million), up to 225.7 million manat ($132.7 million).
As of June 30, 2023, Ziraat Bank Azerbaijan had a total capital of 107,435 manat ($63,200).
The net profit of Azerbaijani banks amounted to 563.3 million manat ($331.3 million) in the first half of 2023, and the operating profit was 772.3 million manat ($454.2 million).
The net and operating profits of banks increased by 41 percent and 26 percent, respectively, compared to the same period last year.
The assets of Azerbaijani banks amounted to over 45.2 billion manat ($26.5 billion) from January through June 2023. The banks' loan portfolio increased by 3.1 percent (637 million manat, or $374.7 million) to 21.2 billion manat ($12.4 billion).
The total liabilities of the country's banks amounted to more than 39.3 billion manat ($23.1 billion), and the balance sheet capital was about 5.9 billion manat ($3.4 billion).
