Mugan Bank ends three quarters with profit

Azerbaijan-based Mugan Bank OJSC ended January-September 2021 with AZN 602,000 in profit, while it ended the same period of 2020 with AZN 1.881 million in the loss.

Bank says the incomes increased by 25.6% to AZN 42.406 million, expenditures surged 21.1% to AZN 42.799 million, savings on special reserves made up AZN 995,000. The bank did not pay profit tax.

As of October 1, 2021, the assets stood at AZN 643.93 million, 17.4% more than a year earlier. Of this, AZN 372.647 million was loans to customers. The loan portfolio extended by 14.2% year-on-year.

Liabilities soared 19.1% to AZN 551.802 million, including deposit portfolio grew by 31.3% to AZN 307.784 million, net worth climbed 8.6% to AZN 92.128 million, and authorized capital ascended 4.9% to AZN 107.5 million.

Mugan Bank was established in 1992.