The Baku branch of Iran's National Bank ended January-September of this year with a profit of 3.144 million manats, 28.2% less than in the same period last year. This is reflected in the branch's financial report.
Over the 9 months, the bank's income amounted to 3.911 million manats (13.5% less), expenses were 1.468 million manats (8.4% more), and savings on allocations to special reserves were 701,000 manats (42.1% less). The branch did not pay profit tax.
As of October 1, the branch's assets totaled 114.281 million manats, down 5.8% year-on-year. Of these, 2.793 million manats were net loans to customers, with the loan portfolio growing by 25.4% over the year.
The branch's liabilities decreased by 15% during the reporting period to 57.784 million manats, including a 0.1% increase in the deposit portfolio to 35.646 million manats, while balance sheet capital rose by 6% to 56.497 million manats.
It should be noted that the Baku branch of Iran's National Bank has been operating since 1993. Its authorized capital is 73.611 million manats.