Baku branch of Bank Melli Iran ends 2019 on loss

Baku branch of Bank Melli Iran ended 2019 on AZN 16.557 million in loss, against AZN 2.14 million in profit in 2018.

Report informs that the incomes rose 7.4% to AZN 3.703 million, expenditures surged 7.6% to AZN 1.952 million, while allocations for special reserves amounted to AZN 18.293 million, and profit tax went up 7.7% to AZN 14,000.

As of January 1, 2020, the assets dropped by 10.6% to AZN 98.719 million, with loans issued to customers making AZN 4.185 million. The loan portfolio extended by 17% year-on-year.

Meanwhile, the liabilities soared 8.4% to AZN 62.124 million, and deposits advanced 41.2%, settling at AZN 11.498 million.

The Baku branch of Bank Melli Iran has been in operation since 1993.  Its authorized capital amounts to AZN 73.611 million.