OJSC MUGANBANK completed the first quarter of 2022 (January – March) with a net profit of 3.16 million manat. This indicator is 89.3% (1.9 times) higher than for the same period last year. The increase in net profit is associated with an increase in bank’s income.
Income increased
In the first quarter of 2021, the interest income of MUGANBANK amounted to 6 million 305 thousand manat, whereas in the first quarter of 2022 this figure amounted to 9 million 19 thousand manat (an increase of 2 million 714 thousand manat or 43%). The non-interest income of the bank increased from 9 million 295 thousand manat to 11 million 52 thousand manat (an increase of 1 million 757 thousand manat or 19%).
Increase operating profit
In January-March 2022, the total operating income of MUGANBANK (percentage and non-interest income) amounted to 20 million 71 thousand manat, total operating expenses (percentage and non-interest costs) – 15 million 221 thousand manat. Thus, operating income exceeded costs and amounted to 8 million manat 850 thousand manat. From the operating profit, the Bank sent 1 million 834 thousand manat to reserves created to eliminate possible losses. Thus, MUGANBANK completed the first quarter with a net profit of 3 million 16 thousand manat.
For comparison: In January-March 2021, the total operating income of MUGANBANK amounted to 15.6 million manat, total operating expenses – 13.907 million manat, and operating profit – 1.693 million manat. Since the bank sent 99 thousand manat from operating profit to reserves, he closed the period with a net profit of 1 million 593 thousand manat.
Credits issued by customers
As of March 31, 2022, the total assets of MUGANBANK accounted for 662 million 636 thousand manat. At the end of last year, the bank had cumulative assets of 708 million 452 thousand manat. Changing the volume of assets is associated with the expiration of Muganbank deposits in other banks.
Compared to the end of 2021, the volume of loans issued to MUGANBANK clients increased by 19 million 544 thousand manat and reached 420 million 605 thousand manat.
Population deposits make up about 280 million manat
As of March 31, 2022, the MUGANBANK total deposit portfolio amounted to 325 million 457 thousand manat, of which 279 million 361 thousand manat made contributions from individuals. At the end of last year, the general MUGANBANK deposit portfolio was 396 million 852 thousand manat. The change in the cumulative deposit portfolio of the Bank is associated with the balances on the current accounts of legal entities at the reporting date. MUGANBANK reports that the bank has a healthy customer client customer base.
Common capital exceeded 10 million manat
As of March 31, 2022, the total capital of MUGANBANK was 105 million 184 thousand manat, which is 3 million 318 thousand manat more compared to the end of last year.