Azerbaijan Industry Bank increases net profit by 90%

As of April 1, 2019, the assets of Azerbaijan Industry Bank amounted to AZN 903.669 million, down 0.1% from the previous year, Report informs.

Bank says the loans issued to customers were responsible for AZN 288.577 million of assets. The loan portfolio extended by 9.3% from the previous year.

Liabilities dropped by 0.6% to AZN 808.02 million, deposit portfolio surged by 8.3% to AZN 634.958 million, total capital soared by 4.3% to AZN 95.667 million.

Interest incomes ascended by 2.8% to AZN 6.3 million, interest expenditures advanced by 2.8% to AZN 3.17 million, non-interest incomes doubled to AZN 3.994 million, non-interest expenditures fell by 10.6% to AZN 2.636 million, allocations for special reserves on compensation of possible losses on assets made up AZN 549,000, profit tax climbed 84.9% to AZN 731,000. Consequently, the bank ended the first quarter of 2019 on AZN 3.208 million in profit, up 89.9% in comparison to a year earlier.

Azerbaijan Industry Bank was established in 1996 as Capital Investment Bank and rebranded in 2006. Its authorized capital is AZN 60 million.