Profit of Bank Melli Iran’s Baku branch down by over 2 times

The Baku branch of the Bank Melli Iran (Iran’s national bank) completed the first quarter of this year with a profit of 269,000 manats, Report informs referring to the financial statements of the branch.

This is 56.2% or 2.3 times less than in the same period last year.

In January-March, the Iranian bank's income amounted to 955,000 manats (15.5% less), expenses - 579,000 manats (16.3% more), deductions for the creation of special reserves - 107,000 manats (5.95 times more). The Baku branch did not pay income tax.

As of April 1 this year, the assets of the Iranian bank amounted to 89.492 million manats, which is 11.5% less than a year ago. Of these, 9.339 million manats are net loans issued to customers. Over the past year, the loan portfolio of the Baku branch increased by 53.1%.

During the reporting period, the liabilities of the Iranian bank decreased by 14.8% to 53.804 million manats, including the deposit portfolio decreased by 42.3% to 9.573 million manats, and the balance capital dropped by 6.1% to 35.688 million manats.

The Baku branch of the Bank Melli Iran has been operating since 1993. Its authorized capital is 73.611 million manats.