Azerbaijan Industry Bank sees 41% rise in net profit

Azerbaijan Industry Bank ended January-September of 2019 on AZN 6.646 million in net profit, up 41.3% from previous year, Report informs citing the bank.

Bank says the revenues rose by 22.9% to AZN 28.807 million, expenditures surged by 9.6% to AZN 20.126 million, allocations for special reserves dropped by 53.3% to AZN 356,000, profit tax increased by 47.7% to AZN 1.678 million.

As of October 1, 2019, the assets stood at AZN 939.662 million, down 6.7% from 2018. Of this, AZN 308.054 million was loans issued to customers. Loan portfolio extended by 9.7% year-on-year.

Liabilities slipped 7.8% to AZN 840.977 million, deposit portfolio descended by 1.9% to AZN 670.801 million, authorized capital made up AZN 60 million.

Azerbaijan Industry Bank was established in 1996 as the Capital Investment Bank and rebranded in 2006.