Bank of Baku gets sharp rise in profit

Bank of Baku OJSC ended the three quarters of 2019 on AZN 32.276 million net profit, while this figure was AZN 3.128 million last year.

Report informs that the revenues rose by 13.4% to AZN 38.022 million, expenditures increased by 28.2% to AZN 73.287 million, savings on allocations for special reserves grew by 2.8-fold to AZN 75.996 million, profit tax amounted to AZN 8.454 million.

As of October 1, 2019, the assets stood at AZN 298.131 million, down 1.2% from previous year. Of this, AZN 194.036 million was the loans given to customers. The loan portfolio extended by 0.4% year-on-year.

Liabilities dropped by 13.6% to AZN 226.544 million, deposit portfolio soared 3.5% to AZN 162.502 million, net worth advanced 81.1% to AZN 71.587 million.

Bank of Baku has been operating since 1994. Authorized capital is AZN 52.87 million.