Xalg Bank sees decline in profit

As of April 1, 2019, Xalg Bank’s assets stood at AZN 2,214,354,000, down 0.5% from previous year.

Bank says AZN 1,427,447,000 of assets was loans given to customers. Loan portfolio extended by 11.4% from the previous year.

Liabilities dropped by 1.4% to AZN 1,931,529,000, including deposit portfolio fell by 3.3% to AZN 1,440,815,000, liabilities to Central Bank of Azerbaijan (CBA) declined by 23.5% to AZN 24.092 million, total capital rose by 6% to AZN 282.825 million.

Interest incomes increased by1% to AZN 27.348 million, interest expenditures surged by 0.1% to AZN 5.77 million, non-interest incomes slid 8.9% to AZN 2.774 million, non-interest expenditures grew 33.7% to AZN 11.439 million, allocations for special reserves on compensation of possible losses on assets made up AZN 4.061 million, profit tax amounted to AZN 1.751 million. Consequently, the bank ended the first quarter of 2019 on AZN 7.199 million in profit, while it ended the first quarter of 2018 on AZN 7.523 million in loss.

Xalg Bank was established in 2004. Authorized capital is AZN 225.079 million.