BAKU, Azerbaijan, September 11. The decrease in manat deposit interest rate at Premium Bank is due to the release of the bank's new market product, the bank told Trend.
Previously, a number of media outlets released reports about the bank sharply reducing the manat deposit interest rate.
"Premium Bank's product with a deposit interest rate of 8 percent came to an end in August 2023. Premium Bank introduced a new financial product in September, characterized by the following interest rates: for a term of six months - 1 percent (annual), for a term of one year - 1.5 percent (annual), for a term of two years - 2 percent (annual) and for a term of three years - 5 percent (annual)," the bank said.
Premium Bank ended 2022 with a net profit of 5.4 million manat ($3.1 million).
According to the bank's financial report, its net interest profit amounted to 20.7 million manat ($12.1 million). It was formed at the expense of interest income - 30.7 million manat ($18.05 million) and interest expenses - 9.9 million manat ($5.8 million).
The bank's non-interest income amounted to 18.1 million manat ($10.6 million) and non-interest expenses amounted to 28.3 million manat ($16.6 million).
