Another bank suffered losses - about AZN 20 million


November 4, Fineko/abc.az. The Baku branch of Bank Melly Iran finished the Jan-Sept 2019 period with losses in the amount of AZN 19.315 million.
ABC.AZ reports that Bank's losses for Q3 (July-September) also increased by AZN 2.4 million. The branch completed the 6 months of the current year with loss of AZN 16.905 million.
According to BMI’s report, Bank’s Baku branch finished the Jan-Sept 2018 with net profit of AZN 1.8 million.
The main cause of Baku branch’s loss this year is the allocation of AZN 21.5 million for creation of reserves. Losses on loans and deposits caused damage to the Bank.
For Jan-Sept 2019 the total revenues of the Baku branch of BMI amounted to AZN 2.83 million, and the cost of creating reserves - AZN 1.15 million.