AFB Bank nearly quintuples profit 

AFB Bank ended January-September 2021 with AZN 8.676 million in profit, up 4.9-fold from the previous year, Report informs, citing the bank.

In the nine months of 2021, the revenues dropped 30% to AZN 18.644 million, expenditures fell by 13.7% to AZN 12.173 million, savings on allocations for special reserves stood at AZN 2.205 million. The bank did not pay profit tax.

As of October 1, 2021, the assets stood at AZN 273.072 million, down 50.2% from a year earlier. Of this, AZN 112.218 million was loans given to customers. The loan portfolio shrank by 71.1% year-on-year.

Liabilities slipped 60.1% to AZN 187.218 million, deposit portfolio slid 63.4% to AZN 113.703 million, net worth surged 9.1% to AZN 85.854 million.

AFB Bank was established in 2008 as Azfinansbank, rebranded in 2009. The authorized capital is AZN 70.393 million.