Muganbank's net profit has almost doubled


“Muganbank” OJSC ended the first quarter of 2022 (the period from January to March) with a net profit of 3.16 million manat. We would like to note that this indicator of the Bank is 89.3% (about 1.9 times) higher than the same period last year. The increase in net profit is due to the increase in the bank's income.

INCOME INCREASED

In the first quarter of 2021, Muganbank's interest income amounted to 6 million 305 thousand manat, while in the first quarter of 2022 it amounted to 9 million 19 thousand manat (an increase of 2 million 714 thousand manat or 43%). The bank's non-interest income increased from 9 million 295 thousand manat to 11 million 52 thousand manat (an increase of 1 million 757 thousand manat or 19%).

OPERATING PROFIT INCREASED

In the period from January to March 2022, Muganbank's total operating income (interest and non-interest income) amounted to 20 million 71 thousand manat, total operating expenses (interest and non-interest expenses) amounted to 15 million 221 thousand manat, and operating profit amounted to 8 850,000 manat as income exceeded expenses. The bank allocated 1,834,000 manat from operating profit to reserves created for possible losses. Thus, Muganbank ended the first quarter with a net profit of 3 million 16 thousand manat.

For comparison, in the period from January to March 2021, Muganbank's total operating income amounted to 15.6 million manat, total operating expenses amounted to 13.907 million manat, and operating profit amounted to 1.693 million manat. As the bank allocated 99,000 manat from operating profit to reserves, it closed the period with a net profit of 1,593,000 manat.

LOANS TO CUSTOMERS

As of March 31, 2022, the total assets of Muganbank amounted to 662 million 636 thousand manat. At the end of last year, the bank had total assets of 708 million 452 thousand manat. The change in the volume of assets is due to the maturity of Muganbank's deposits with other banks.

Compared to the end of 2021, loans provided by Muganbank to customers increased by 19 million 544 thousand manat and reached 420 million 605 thousand manat.

HOUSEHOLD DEPOSITS ARE APPROXIMATE TO 280 MILLION MANAT

As of March 31, 2022, the total deposit portfolio of Muganbank amounted to 325 million 457 thousand manat, of which 279 million 361 thousand manat were deposits of individuals. At the end of last year, Muganbank's total deposit portfolio amounted to 396 million 852 thousand manat. The change in the bank's total deposit portfolio is due to the current account balances of legal entities at the reporting date. We would like to note that the bank has a healthy corporate customer base.

TOTAL CAPITAL INCREASED, IT IS MORE THAN 100 MILLION MANAT

As of March 31, 2022, Muganbank had a total capital of 105 million 184 thousand manat, which indicates an increase of 3 million 318 thousand manat compared to the end of last year.