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Xalq Bank sees 32% rise in interest expense

Xalq Bank sees 32% rise in interest expense

18 May 2011 13:56 (UTC +04:00)

Baku. Elnur Huseynguluyev - APA-Economics. In January-March, 2011, Azerbaijanâ€™s Xalg Bankâ€™s profit made AZN 1.551 mln, down 78% from a year ago.

Bank says total income rose 3.5% to AZN 14.173 mln, interest income â€“ 8.4% to AZN 13.196 mln, non-interest income decreased by 35.8% to AZN 977 mln.

Total expenditures soared 90% to AZN 12.622 mln, interest expenditures â€“ 32.4% to AZN 6.574 mln, non-interest expenditures â€“ 3.6 times to AZN 6.048 mln.

Interest income went down 8.1% to AZN 6.622 mln, non-interest loss rose 29 times to AZN 5.071 mln.

Note that, Xalg Bank has been in operation since 2004. The bank operates 12 branches, 29 ATMs, 45 POS-terminals and 402 employees across the country.

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