Ziraat Bank Azerbaijan's problem loans increase more than twofold

Ziraat Bank Azerbaijan JSC concluded the first quarter of this year with a net profit of 5.571 million manats.

Report cites the Bank's financial statement, noting that this represents a 56% increase compared to the same period last year.

During January-March, Ziraat Bank Azerbaijan's operating income amounted to 31.166 million manats (a 64.5% increase compared to a year ago), operating expenses were 20.615 million manats (a 60.2% increase), allocations to special reserves were 3.687 million manats (a twofold increase), unexpected income was 42 thousand manats (a 42-fold increase), and profit tax payments amounted to 1.335 million manats (a 96.9% increase).

As of April 1 this year, Ziraat Bank Azerbaijan's assets totaled 1 billion 442.705 million manats, which is 58.7% more than the previous year. Of this, 756.663 million manats were net loans issued to customers. Over the past year, the Bank's loan portfolio grew by 34%.

During the year, the credit institution's overdue loans increased 2.3 times, reaching 128.086 million manats.

During the reporting period, Ziraat Bank Azerbaijan's liabilities increased by 65.3% to 1 billion 274.983 million manats, including a 50% increase in its deposit portfolio to 706.774 million manats, while its balance sheet capital grew by 21.6% to 167.723 million manats.

As a reminder, Ziraat Bank Azerbaijan was established in 2014. Its authorized capital is 65.5 million manats. Of the Bank's shares, 99.98% are owned by Turkey's Ziraat Bank, 0.01% by Ziraat Sigorta, and 0.01% by Ziraat Yatırım Menkul Değerler.