12:00 - 17.10.2019

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October 17, Fineko/abc.az. Premium Bank completed the Jan-Sept 2019 term with net profit of AZN 11.8 million that is by 2.5 times less against the 2018 same term.

ABC.AZ reports according to Bank’s financial statements for Jan-Sept 2019, the Bank received net profit of AZN 28.18 million for the reported term. The Bank links last year’s high profit with the return of possible losses on assets from the special reserve.

PB’s total revenues amounted to AZN 45.697 million and total expenditures AZN 33.265 million. Due to the excess of revenues over expenditures, the Bank received operating profit of AZN 12.432 million. At the same time AZN 145,000 of a special reserve were freed to cover possible losses of assets, and profit increased up to AZN 12.58 million. PB paid profit tax of AZN 1.495 million and finished the quarter with net profit of AZN 11.8 million.

For comparison, for Jan-Sept 2018 PB's revenue amounted to AZN 42.97 million, total expenditures AZN 33.557 million, and operating profit AZN 9.416 million. At the same time AZN 19.168 million were freed from the created special reserve to compensate for possible losses on assets and profit increased up to AZN 28.585 million. The Bank paid income tax in the amount of AZN 404,000 and finished the period with net profit of AZN 28.18 million.

By Elmir Murad