Xalg Bank gets 27% growth in net profit

As of July 1, 2019, the assets of Azerbaijan-based Xalg Bank stood at AZN 2,135,273,000, up 8% from the previous year, with AZN 1,493,554,000 in loans issued to customers. The loan portfolio grew by 15.7% year-on-year.

Liabilities rose by 1.9% to AZN 1,736,031,000, deposit portfolio by 13.8% to AZN 1,389,811,000, total capital grew by 45.9% to AZN 399.241 million, authorized capital rose by 62.1% to AZN 364.773 million.

Revenues went up 8.9% to AZN 63.312 million, operating expenditures dropped by 1.8% to AZN 30.34 million, allocations for special reserves ascended by 4.4% to AZN 13.953 million, unexpected incomes surged 15.2-fold to AZN 167,000, profit tax payments soared 2.25-fold to AZN 3.522 million. Consequently, the bank ended the first half of 2019 on AZN 15.664 million in net profit, up 27.2% by contrast to a year earlier.

Xalg Bank was established in 2004.