Bank VTB Azerbaijan sees 52% growth in profit 

Bank VTB Azerbaijan OJSC ended January-September 2021 with AZN 3.921 million in profit, up 51.7 from the previous year, Report informs, citing the bank.

In the reporting period, the revenues doubled to AZN 17.653 million, expenditures rose by 28.5% to AZN 18.439 million, savings on allocations for special reserves dropped by 42.3% to AZN 4.707 million. The bank did not pay profit tax.

As of October 1, 2021, the assets stood at AZN 206.152 million, up 10.2% from the previous year. Of this, AZN 133.871 million was loans given to customers. The loan portfolio extended by 75.7% year-on-year.

Liabilities surged 10.8% to AZN 137.775 million, deposit portfolio soared 11.1% to AZN 86.539 million, net worth grew by 9.1% to AZN 68.376 million.

Bank VTB Azerbaijan was established in 2009 on the basis of AF Bank OJSC, which had been operation since 2003. The authorized capital is AZN 315.8 million.