Will the Baku branch of National Bank of Iran close? - The Bank suffered significant losses


October 14, Fineko/abc.az. The Baku branch of the National Bank of Iran has announced its financial statements for Jan-Sept 2019.

ABC.AZ informs that according to NBI’s report, the Bank completed the reported period with loss of AZN 19.316 million.

For comparison, the Bank finished the 2018 same term with profit of AZN 1.8 million. Revenues of the Baku branch of NBI for this period amounted to AZN 2.789 million (6.2% more than a year earlier), expenditures AZN 1.106 million (3.3% less), transfers to special reserves AZN 21.005 million (a year ago there was saving) and savings on income tax payment - AZN 7,000 (a year ago there was no savings). According to statistics, as of 1 October 2019 NBI’s assets amounted to AZN 89.589 million that is by 20.9% less than for the 2018 same term. Of them, AZN 4.247 million are net loans given to customers.

By Elmir Murad