Unibank finished 1st half of 2019 with net profit


July 31, Fineko/abc.az. Unibank completed the 1st half of 2019 (the period from January to June) with net profit of AZN 62.435 million (4.3-fold more versus the 2018 same term). The 1st half of 2018 was finished by the Bank with net profit of AZN 14.639 million.

Most of the net profit for the 1st half of 2019 is linked with the return of part of the reserve created for possible credit losses. In May the payment of compensation to citizens from the State Budget on loans in dollars reduced Unibank’s credit risks and the release of the created reserves was continued.

Bank’s quarterly report says that for Jan-Jun 2019 the total income of Unibank amounted to AZN 51.795 million (AZN 42.38 million of interest income, AZN 7.657 million of contributions and commission income, AZN 2.7 million of income from foreign currency operations) and total expenses AZN 47.1 million. Due to the fact that Bank's revenues exceeded expenses, operating profit in the amount of AZN 4.69 million was formed. In addition, before the profit tax Unibank's profit grew up to AZN 62.47 million, as the reserve was released by AZN 57.778 million. The net profit amounted to AZN 62.435 million due to profit taxes of AZN 35,000.