Premium Bank sees 61% decline in net profit

Premium Bank OJSC ended January-September 2019 on AZN 11.082 million in net profit, down 60.1% from previous year, Report informs citing the bank.

In the reporting period, the revenues rose by 6.3% to AZN 45.697 million, expenditures dropped by 1.9% to AZN 32.934 million, allocations for special reserves amounted to AZN 186,000, profit tax increased by 3.7-fold to AZN 1.495 million.

As of October 1, 2019, the assets stood at AZN 576.387 million, down 6.1% from 2018. Of this, AZN 489.664 million was loans given to customers. Loan portfolio narrowed by 11.5% year-on-year.

Liabilities dropped by 4.4% to AZN 445.958 million, deposit portfolio slipped 10.3% to AZN 396.936 million, authorized capital makes up AZN 104.601 million.

Premium Bank was established in 1993 as AZAL Bank and rebranded to Silk Way Bank in 2008. In 2018, it rebranded again.