Profit of Bank Melli Iran’s Baku branch surges

The Baku branch of Bank Melli Iran concluded the January-September 2024 period with a profit of 5.024 million manats ($2.955 million), marking a 79.8% year-on-year increase, Report informs, citing the Baku branch.

Over the nine months, the bank’s income reached 3.799 million manats (just under $2.235 million), a 61.4% year-on-year increase. Expenses were reduced by 19.2% to 1.25 million manats ($735,294), while savings on special reserves grew by 24.6% to 2.475 million manats (almost $1.456 million).

The Baku branch did not pay profit tax.

As of October 1, 2024, the bank’s assets totaled 118.298 million manats ($69.587 million), reflecting a 48.6% increase from the previous year.

Of this, 1.78 million manats ($1.047 million) are net loans provided to customers.

During the reporting period, the bank’s liabilities rose by 82.5% to 72.117 million manats (approximately $42.422 million). The deposit portfolio surged 25.7 times to 35.568 million manats (over $20.922 million), and the balance capital increased by 15.2% to 46.181 million manats (over $27.165 million).

The Baku branch of Bank Melli Iran has been operating since 1993, with an authorized capital of 73.611 million manats ($43.3 million).