BAKU, Azerbaijan, July 13. Azerbaijan's Bank of Baku's net profit amounted to 11 million manat or $6.4 million at the end of the second quarter of 2024, showing a year-on-year decrease of 35.41 percent compared to the same period in 2023, Trend reports.
According to the bank's financial report, its net interest profit was 45.811 million manat or $26.77 million. This was derived from an interest income of 72.872 million manat or $42.59 million, reflecting a 19.13 percent growth for the year, and interest expenses of 27.061 million manat or $15.8 million, which saw a 45.67 percent growth.
The Bank of Baku's non-interest income amounted to 8.022 million manat or $46.89 million, showing a year-on-year growth of 54.68 percent. Non-interest expenses reached 40.117 million manat or $23.45 million, growing by 27.17 percent.
Profit before taxes and unforeseen expenses related to banking activities amounted to 14.68 million manat or $8.58 million, while income tax payments were 3.671 million manat or $2.14 million.
Established in 1994, the Bank of Baku's assets grew by 24.2 percent to 870.89 million manat or $509 million by the end of 2023.
