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Muganbank completed 1st half of 2021 with net profit

27.07.2021,16:40


July 27, Fineko/abc.az. Muganbank finished the 1st half of 2021 with net profit of AZN 556,000, ABC.AZ informs with reference to Bank's report.

The Bank completed the same term of 2020 with net loss of AZN 1.88 million. Over Jan-Jun 2021 Muganbank's total operating income (interest and non–interest income) amounted to AZN 28.489 million, total operating expenses (interest and non-interest expenses) – AZN 27.7 million, since revenues exceeded expenses, operating profit amounted to AZN 767,000. The Bank completed the 1st half of 2021 with net profit of AZN 556,000, directing AZN 212,000 to reserves created for possible losses.

For comparison, for Jan-Jun 2020 Muganbank's total operating income (interest and non–interest income) reached AZN 23.38 million, total operating expenses (interest and non–interest expenses) – AZN 23.786 million, operating loss AZN 748,000. At the same time, AZN 1.132 million were allocated from the reserve fund, and losses increased up to AZN 1.88 million.