Unibank reduced its net profit by 20%

15:51 - 11.10.2024


October 11, Fineko/abc.az. The net profit of Unibank for the 3rd quarter of 2024 decreased by 4.28 million manats or 20% compared with Q3 of 2023.

ABC.AZ reports that cause of fall in net profit is increase in its target reserves created for possible losses and income tax expenses.

Bank's net profit for Q3 of 2024 totaled 17.63 million manats. Over the same term of 2023, the bank made net profit of 21.91 million manats.

As of October 1, 2024, Unibank's capital balance accumulated profit of 10.72 million manats. Last year, the bank allocated 27.18 million manats for target reserves created for possible losses, this year this figure grew by 2.33 million manats and exceeded 29.5 million manats.

In the 3rd quarter of 2024, the bank suffered income tax losses in the amount of 2.8 million manats.