Azer-Turk Bank earns over AZN 1.5 million for Jan-Sept - Report


November 5, Fineko/abc.az. Azer-Turk Bank completed the Jan-Sept 2019 period with net profit of AZN 672,000.

ABC.AZ reports that Bank’s net profit grew 5.6-fold versus the 2018 same term (AZN 120,000).

Compared with Jan-Sept 2018, Azer-Turk Bank's interest income reached AZN 16.17 million (rise of AZN 3.45 million or 27.1%), while non-interest income declined by AZN 166,000 or 2.2% to AZN 7.54 million. Azer-Turk Bank’s interest expenses reduced by AZN 358,000 or 6.4% up to AZN 5.19 million, while non-interest expenses grew by AZN 1.47 million or 9.2% up to AZN 17.519 million (against the 2018 same term).

During the reported period Bank's expenses declined and revenues increased. As a result, with growth of total revenues by AZN 3.285 million, total expenses grew by AZN 1.115 million, and the total net income of the Bank increased by AZN 2.17 million.

Over Jan-Sept 2019 Azer-Turk Bank’s total revenues amounted to AZN 23.713 million and expenditures AZN 22.712 million. Because of the excess of income over expenses the Bank has an operating profit of AZN 1.1 million. The Bank allocated AZN 329,000 of operating profit to the reserve and ended the Jan-Sept 2019 period with net profit of AZN 672,000.

For Jan-Sept 2018 Bank’s total revenues were in the amount of AZN 20.428 million and expenses AZN 21.597 million. As a result, an operational damage of AZN 1.169 million was caused. Due to the freeing of AZN 1.289 million from the created special reserve for possible losses, the Bank closed the operating loss and ensured net profit of AZN 120,000.

By Elmir Murad