BAKU, Azerbaijan, January 16. The net profit of Bank of Baku in 2023 amounted to 25.4 million manat or $14.9 million (a decrease of 30.94 percent over the year compared to 2022), Trend reports, referring to the bank's financial report.
The financial report data showed that the bank's net interest profit was 87.2 million manat ($51.3 million), resulting from interest income of 128.2 million manat ($75.4 million), a 28.2 percent increase over the previous year, and interest expenses of 41 million manat ($24 million).
Bank of Baku's non-interest income totaled 13.4 million manat ($7.8 million), up 13.79 percent year on year, while non-interest expenses reached 73.6 million manat ($43.2 million).
Furthermore, profit before taxes and contingent liabilities from banking activities amounted to 35.4 million manat ($20.8 million), while income tax payments were 10 million manat ($5.8 million).
Bank of Baku was established in 1994.
The bank's assets last year increased by 24.2 percent - to 870.8 million manat ($512.2 million).