AtaBank operated with profit in 1st half of 2019


July 16, Fineko/abc.az. AtaBank completed the 1st half of 2019 with net profit of AZN 149,000, Bank’s quarterly financial statements says.

According to the report, AtaBank's total earnings amounted to AZN 19.89 million and total expenditures AZN 22.14 million for Jan-Jun 2019. Because of the excess of expenditures over earnings, the operating loss amounted to AZN 2.25 million. But as the reserve created to cover possible losses on assets freed AZN 2.399 million, then the operating loss was closed, and Bank's net profit in the amount of AZN 149,000 remained.

It should be noted that the reserve is created at the expense of operating profit or capital for possible credit and deposit losses. If no credit and deposit losses occur, the reserve is released and added back to income. For comparison, the Bank completed the 1st half of 2018 with net profit of about AZN 123,000.