12:00 - 21.01.2020

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January 21, Fineko/abc.az. The International Bank of Azerbaijan (IBA) has published the financial indicators for 2019.

ABC.AZ reports that for the reported term, in parallel with the growth of IBA's interest and non-interest income by AZN 54.19 million, interest and non-interest expenses grew by AZN 28.218 million.

IBA's operating profit increased by AZN 25.97 million up to AZN 321.52 million against 2018 (AZN 295.547 million).

In 2018, due to the release of AZN 130.29 million from target reserves created for possible losses, IBA's profit before taxation reached AZN 425.8 million. The Bank did not pay profit tax that year.

And in 2019 the release from target reserves for possible losses decreased 2.4-fold or by AZN 77.027 million up to AZN 53.267 million. Last year IBA's profit after the release amounted to AZN 374.79 million. The Bank also paid profit tax of AZN 72.47 million.

Despite the fact that IBA's operating profit grew by 8.8%, showing more accurate results of its activity, the 29% drop in net profit is linked with decrease in the release from reserves and the payment of profit tax.