AFB Bank OJSC ended the three quarters of 2019 on AZN 4.385 million profit, down 41.2% from previous year, Report informs.
Bank says the revenues dropped by 16.4% to AZN 29.148 million, expenditures increased by 0.7% to AZN 16.477 million, savings on allocations for special reserves fell by 24.9% to AZN 8.286 million. The bank did not pay the profit tax.
As of October 1, 2019, the assets stood at AZN 583.274 million, up 38.9% from previous year. Of this, AZN 240.339 million was the loans issued to customers. The loan portfolio extended by 63.9% year-on-year.
Liabilities rose by 45.8% to AZN 504.83 million, deposit portfolio soared 73.5% to AZN 382.657 million, net worth advanced 6.3% to AZN 78.444 million.
Bank of Baku was established in 2008 as Azfinansbank and rebranded in 2009. Authorized capital is AZN 70.394 million.