BAKU, Azerbaijan, October 14. Azerbaijan's Muganbank completed the third quarter of 2023 with a net loss of 1.3 million manat ($764,705), Trend reports.
According to the bank's report, its net interest profit amounted to 3.3 million manat ($1.9 million). It was formed due to interest income of 31.1 million manat, or $18.3 million (an increase of 7.63 percent over the year) and interest expenses of 27.7 million manat ($16.3 million).
The bank's non-interest income amounted to 21.4 million manat, or $12.6 million (a decrease of 36.88 percent over the year). Non-interest expenses reached 25 million manat ($14.7 million) as of September 30, 2023.
In addition, reserves for possible losses amounted to 984,900 manat ($579,352).
In general, the loss before taxes and unforeseen expenses related to banking activities amounted to 1.3 million manat ($764,705).
