Nakhchivan Bank sees 5% decline in net profit

Nakhchivan Bank OJSC ended 2019 on AZN 5.179 million in net profit, down 4.6% from the previous year, Report informs citing the bank.

Bank says the incomes rose by 14.5% to AZN 12.213 million, expenditures by 15.2% to AZN 4.634 million, allocations for special reserves increased 9.6-fold to AZN 1.059 million, profit tax dropped by 5.8% to AZN 1.34 million.

As of January 1, 2019, the bank’s assets stood at AZN 232.022 million, up 18.1% from the previous year. Of this, AZN 91.381 million is net loans given to customers. In the reporting period, the loan portfolio extended by 42.4% year-on-year.

Liabilities grew by 25.5% to AZN 148.516 million, deposit portfolio rose by 26.6% to AZN 95.567 million, and authorized capital ascended 13.9% to AZN 77.25 million.

Nakhchivan Bank was established in 2008.