Azerbaijan Industrial Bank shrank - profits drop sharply

16:33 - 17.04.2024

April 17, Fineko/ Azerbaijan Industrial Bank OJSC completed 2024 with net profit of 835,000 manats after paying 243,000 manats of income tax.

ABC.AZ reports that however, bank's net profit declined by 228,000 manats this year, that is, by 21%.

In the 1st quarter of this year, the bank received interest income in the amount of 8.612 million manats. 3.923 million manats of income were generated from income received from loans and 4.569 million manats from deposits in banks. Total interest income grew by 971,000 manats (13%) compared with last year, interest income on loans - by 377,000 manats (11%), and interest income on deposits - by 740,000 manats (19%).

Interest expenses for this period totaled 4.648 million manats (by 916,000 manats or 25% more than a year earlier).

Interest expenses on deposits turned out to be the highest – 2.775 million manats (a rise of 453,000 manats or 19%).

Thus, the net interest income of Azerbaijan Industrial Bank amounted to 3.965 million manats (55,000 manats, or 1% more versus last year).