Ziraat Bank Azerbaijan sees 43% decline in profit

As of April 1, 2019, the assets of Ziraat Bank Azerbaijan stood at AZN 219.739 million, down 1.3% from the previous year, Report informs.

Bank says AZN 109.396 million of assets was loans given to customers. Loan portfolio extended by 37.8% from the previous year.

Liabilities dropped by 2.4% to AZN 150.925 million, deposit portfolio fell by 16.9% to AZN 74.039 million, total capital surged by 1.4% to AZN 78.815 million.

Interest incomes grew by 32.5% to AZN 4.445 million, interest expenditures went up 5.3% to AZN 1.144 million, non-interest incomes slipped 47% to AZN 693,000, non-interest expenditures soared 6.3% to AZN 1.696 million, allocations for special reserves for payment of possible losses on assets increased by 4.9-fold to AZN 1.339 million. Consequently, the bank ended the first quarter of 2019 on AZN 959,000 in profit, down 43.3% by contrast to a year earlier.

Zirrat Bank Azerbaijan was established in 2014. The authorized capital is AZN 50 million.