BAKU, Azerbaijan, January 15. Azerbaijan's Rabitabank completed the fourth quarter of 2023 with net profit of 13 million manat ($7.6 million) compared to 12.6 million manat ($7.4 million) in the same period of 2022, Trend reports, referring to the bank's financial report.
Thus, the bank's profit grew by 16.82 percent year-on-year.
The bank's financial report showed that its net interest profit amounted 60.4 million manat ($35.5 million). It was generated by interest revenue of 91 million manat ($53.5 million), up 33.18 percent year on year, and interest expenses of 30.6 million manat ($18 million).
Rabitabank's non-interest income was 51.59 million manat ($30.3 million), up 2.83 percent year on year. The bank's non-interest expenses reached 87.7 million manat ($51.59 million).
Pre-tax profit and contingencies related to banking activities amounted to 18.5 million manat ($10.88 million), and income tax payments amounted to 5.4 million manat ($3 million).
Rabitabank was established in 1993 and is among the top 10 banks in Azerbaijan in terms of assets (1.1 billion manat or $650 million).
