Muganbank ended the 9 months of the year with a net profit
Compared to the same period last year, the income of “Muganbank” OJSC increased more than 4 times. Thus, the bank operating at a loss of 1.88 mln AZN in the first 9 months of the last year, managed to complete the same period of the year with a net profit of 602.000 AZN.
According to the bank's financial indicators, the bank's non-interest income has increased over the past period. This, in turn, suggests that the bank is targeting more stable sources of income.
However, over the past period, “Muganbank” OJSC has managed to increase both the quality and quantity of the loan portfolio. Thus, the bank's loan portfolio amounted to 380.4 mln. manat in the first 9 months of 2021, growing by 44.5 million manat or 13.2% compared to the end of last year.
As for the structure of the loan portfolio, business loans issued by the bank amounted to 248.2 mln. manat increasing by 45.3 mln.manat or 22.2%, and consumer loans amounted to 25.9 mln. manat increasing by 4.2 mln. manat or 19.3%.
Muganbank's deposit portfolio, in turn, in proportion to the bank's loan portfolio, increased by 29.1 million manat compared to the end of last year to AZN 307.8 mln. manat in the first 9 months of 2021.
In general, the bank's total assets for 9 months of 2021 increased by 53.3 million manat (or 9%) compared to the end of last year, and the total capital increased by 9.6 million manat (or 10.5%) to 643.9 million manat and 101.4 million manat, respectively.