Naxçıvan Bank’s interest expenses decreased – Report

16:41 - 18.04.2024

April 18, Fineko/ Naxçıvan Bank has published a report for the first quarter of 2024.

ABC.AZ reports that bank’s interest expenses totaled 498,000 manats (107 manats or 27.4% more versus Q1 of 2023).

Thus, bank's net interest income in the 1st quarter of this year amounted to 2.388 million mantas (3.204 million manats, or 2.3-fold less than a year earlier).

Non-interest income of the bank reached 300,000 manats, non-interest expenses – 1.979 million. Income over the past year decreased by 944,000 manats, or 4.1-fold, and expenses - by 527,000 manats, or 21%.

Bank's operating profit amounted to 709,000 manats. This means a drop of 3.622 million manats (6.1-fold) compared with Q1 of 2023. The assets of Naxçıvan Bank in the 1st quarter of this year amounted to 194.58 million manats. Compared with the end of 2023, assets decreased by 11.622 million manats, or 5.6%. The bank's loan portfolio, which is the main source of income, totaled 103.656 million manats. Compared to the end of last year, the loan portfolio decreased by 27.63 million manats or by 20.7%. The bank's liabilities amounted to about 127.6 million manats (16.644 million manats, or 11.5% less against Q1 of 2023). The deposit portfolio of Naxçıvan Bank for Q1 amounted to 48.388 million manats.