BAKU, Azerbaijan, April 16. Bank of Baku's net profit amounted to 3.5 million manat, or $2.06 million, at the end of the first quarter of 2024, representing a year-on-year decrease of 63.26 percent compared to the same period in 2023, Trend reports.
The bank's financial report shows that its net interest profit amounted to 21.97 million manat, or $12.97 million. It was formed by interest income of 35.2 million manat or $20.7 million (up 18.71 percent over the year) and interest expenses of 13.2 million manat or $7.78 million (up 51.78 percent).
Bank of Baku's non-interest income totaled 21.97 million manat, or $12.9 million (4.94 percent growth for the year). Non-interest expenses of the bank reached 19.26 million manat, or $11.3 million (27.1 percent growth).
Pre-tax profit and contingencies related to banking activities amounted to 4.78 million manat, or $2.8 million, while income tax payments amounted to 1.28 million manat, or $755,293.
To note, Bank of Baku was established in 1994. The bank's assets grew by 24.2 percent to 870.9 million manat, or $51.2 million, by the end of the year.
