The Baku branch of the National Bank of Iran ended the first quarter of this year with 614,000 manats. However, the unit had a net profit of 233.9 thousand manats from the same period last year.
In January-March, the Iranian bank's revenues amounted to 1.198 million manats (44.3% more than a year earlier), expenses - 565,871,000 manats (31.5% more), special reserves - 18,000 manats. During the same period, the bank did not pay profit tax (5,757,000 manats a year ago).
As of April 1, the Bank of Iran's assets amounted to 101.2 million manats, which is 3.8% more than a year ago. Of this, 6.1 million manats are net loans to customers. The loan portfolio of the Baku branch has grown by 32.6% over the past year.
During the reporting period, the liabilities of the Bank of Iran increased by 4.1% to 63.2 million manats, including the deposit portfolio increased by 44.3% to 16.6 million manats, and the balance capital increased by 3.2% to 37.99 million manats.
Notably, the Baku branch of the National Bank of Iran has been operating since 1993. The authorized capital of the branch is 73.6 million manats.