Baku branch of Iran's National Bank ends first quarter with profit

The Baku branch of the National Bank of Iran ended the first quarter of this year with 614,000 manats. However, the unit had a net profit of 233.9 thousand manats from the same period last year.

In January-March, the Iranian bank's revenues amounted to 1.198 million manats (44.3% more than a year earlier), expenses - 565,871,000 manats (31.5% more), special reserves - 18,000 manats. During the same period, the bank did not pay profit tax (5,757,000 manats a year ago).

As of April 1, the Bank of Iran's assets amounted to 101.2 million manats, which is 3.8% more than a year ago. Of this, 6.1 million manats are net loans to customers. The loan portfolio of the Baku branch has grown by 32.6% over the past year.

During the reporting period, the liabilities of the Bank of Iran increased by 4.1% to 63.2 million manats, including the deposit portfolio increased by 44.3% to 16.6 million manats, and the balance capital increased by 3.2% to 37.99 million manats.

Notably, the Baku branch of the National Bank of Iran has been operating since 1993. The authorized capital of the branch is 73.6 million manats.