Turan Bank sees increase in profit

Turan Bank OJSC ended 2022 with a profit of 1.924 million manats ($1.131 million), 2.9 times more than in 2021, Report informs, citing the bank.

Last year, the income of Turan Bank was 76.765 million manats (56.7% more than the previous year), the expenses were 65.341 million manats (38.8% more), and the allocation to special reserves was 8.707 million manats (8.1 times more). The bank did not pay profit tax.

As of January 1, 2023, the assets of Turan Bank amounted to 820.821 million manats ($482.85 million), which is 14.8% more than a year ago. Of this, 543.428 million manats ($319.67 million) are net loans given to customers. In the last one year, the bank's loan portfolio grew by 26.1%.

During the reporting period, the liabilities of Turan Bank increased by 16.5% to 731.255 million manats ($430.16 million), including the deposit portfolio increased by 2.8% to 429.274 million manats ($252.52 million), and the balance capital increased by 2.9% to 89.565 million manats ($52.687 million).

Turan Bank was founded in 1992. Its authorized capital is 80.005 million manats ($47.06 million). Currently, 58.1% of the bank's shares belong to 20 individuals and 41.9% to 8 legal entities.