12:22 - 28.04.2020

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April 28, Fineko/abc.az. The financial indicators of Muganbank for the 1st quarter of 2020 have been published.

ABC.AZ reports that according to Bank's financial indicators, for Jan-Mar 2020 Muganbank's total operating income reached AZN 11.806 million and total expenses AZN 12.426 million.

Due to the excess of expenses over income, the Bank suffered operational damage in the amount of AZN 620,000. At the same time, due to the allocation of AZN 680,000 to target reserves created for possible losses, losses grew by AZN 1.3 million.

For comparison, over Jan-Mar 2019 Muganbank's total revenues amounted to AZN 14.26 million and total expenses AZN 12.927 million. Since revenues exceeded expenses Bank's operating profit totaled AZN 1.335 million. As Muganbank allocated AZN 14.6 million to create reserves for possible credit losses, the 1st quarter was closed with net loss of AZN 13.264 million. Thus, compared with the 1st quarter of 2019, Muganbank's share in creating reserves for possible credit losses decreased more than by 21 times, and the net loss by 10 times.