Mugan Bank gets 61% rise in Q1 profit

Mugan Bank gets 61% rise in Q1 profit
# 14 April 2011 12:40 (UTC +04:00)
Baku. Elnur HUseynguluyev – APA-Economics. Azerbaijan-based Mugan Bank’s profit made AZN 1.173 mln, in January-March, 2011, up 61% from year earlier.

Bank says the total income rose 35.4% to AZN 7.195 mln, including interest income soared 24% to AZN 5.169 mln, non-interest income surged 77.3% to AZN 2.026 mln.

Total expenditure went up 31.4% to AZN 6.022 mln, as well interest expenditure gained 11.1% to AZN 2.704 mln, non-interest expenditure climbed 54.3% to AZN 3.318 mln.

Note that, bank’s interest profit grew 42.08% to AZN 2.465 mln, non-interest loss advanced 28.30% to settle at AZN 1.292 mln.

Remind that, Mugan Bank has been in operation since 1992. The bank operates 30 branches, 37 ATMs and 78 POS-terminals across the country.
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