Baku branch of Iran Melli Bank ends Q1 of 2019 on loss

As of April 1, 2019, assets of Baku branch of Bank Melli Iran stood at AZN 104.153 million, down 5.8% from the previous year, Report informs citing the bank.

Of this amount, the loans issued to customers amounted to AZN 3.733 million, and the loan portfolio grew by 17.4% year-on-year.

Liabilities rose by 6.5% to AZN 42.424 million, as well as deposit portfolio grew by 2.8-fold to AZN 11.153 million, net worth dropped by 12.7% to AZN 61.728 million.

Interest incomes fell by 8.3% to AZN 700,000, interest expenditures went up 4.3% settling at AZN 24,000, non-interest incomes slipped by 30.4% to AZN 190,000, non-interest expenditures dropped by 12% to AZN 316,000. Operating profit amounted to AZN 549,000.

The bank allocated AZN 9.157 million for special reserves on compensation of possible losses. So, the bank ended the first quarter of 2019 on AZN 8.603 million in net loss, while it ended the first quarter of 2018 on AZN 856,000 in profit.

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