YapıKredi Bank Azerbaijan ends first quarter with losses

Baku. 1 June. REPORT.AZ/ YapıKredi Bank Azerbaijan CJSC completed first quarter of this year with a losses.

Bank finished first quarter with a loss of 290.6 thousand manats before taxes and 430.2 thousand manats after paying taxes.

Report informs referring to the bank, interest income of the bank amounted to 9.5 mln. manats in the first quarter, interest expense - 3.2 mln. manats.Thus, interest expense compared to the same period last year increased by 18.95%, interest expenses - 49.9%.

During the reporting period, non-interest income increased by 67.2% to 4.6 mln. manats, non-interest expenses - by 28.8% to 8.2 mln. manats.

In the first quarter, net interest income increased by 7.9% to 6.3 mln. manats, non-interest net loss decreased by 0.8% - to 3.6 mln. manats.

Thus, while net operating profit of YapıKredi Bank Azerbaijan amounted to 2.8 mln. manats and 3.1 mln. manats were allocated to create a special reserve for potential losses on expenses, which led to the end of the quarter with a loss.

In the first quarter of last year, the bank's profit after tax amounted to 3.3 mln. manats.