OJSC MUğanbank completed the first half of 2022 (January-June) with a net profit of 506 thousand manat. The bank completed the same period of 2021 with a net profit of 556 thousand manat.
OJSC noted that a slight decrease in profit is associated with an increase in the reserve for possible losses. Operating profit, more accurately reflecting the results of the current economic activity of the bank, increased by more than 10 times – from 768 thousand manat to 8 million 67 thousand manat.
revenue growth
Muğanbank interest revenues in the first 6 months of 2022 increased by 5 million 522 thousand manat, or 42.2 percent to 18 million 611 thousand manat compared to the first half of 2021. Non -expert income amounted to 6 million 227 thousand manat, or increased by 40.4 percent – up to 21 million 628 thousand manat.
From January to June 2022, the total operating income (interest and non -expert income) MUğanbank amounted to 40 million 239 thousand manat, and the total operating expenses (interest and non -prototype) – 32 million 172 thousand manat. Since the income exceeded expenses, the bank’s operating profit amounted to 8 million 67 thousand manat. Since the bank sent 7 million 562 thousand manat in reserves from the operating profit, he completed the first 6 months of this year with a net profit of 506 thousand manat.
For comparison: from January to June 2021, the total operational income of OJSC MUğanbank amounted to 28 million 490 thousand manat, total operating expenses – 27 million 722 thousand manat. The operating profit amounted to 768 thousand manat. 212 thousand manat went to reserves. Net profit amounted to 556 thousand manat.
sharp growth of operating profit
Against the background of an increase in the total operating income of MUğanbank, 11 million 749 thousand manat, the total operating expenses of the bank increased by 4 million 450 thousand manat. As a result, the bank’s operating profit increased by 7 million 299 thousand manat or 10.5 times.
The loan portfolio has increased
compared with the end of 2021, the Muğanbank loan portfolio (loans issued to customers) increased by 27 million 535 thousand manat, or 6.9 percent, and on June 30, 2022 reached 428 million 596 thousand manat. In particular, the portfolio of business loans increased by 14 million 727 thousand manat – up to 278 million 598 thousand manat, a portfolio of consumer loans – by 10 million 562 thousand manat – up to 40 million 178 thousand manat. The portfolio of mortgage loans increased by 2 million 246 thousand manat – up to 109 million 807 thousand manat.
as of June 30, 2022, the total assets of OJSC MUğanbank amounted to 697 million 666 thousand manat. Deposits of individuals in Muğanbank grew by 23 million 884 thousand manat, or 8.5 percent – up to 304 million 702 thousand manat.
General capital increased
as of June 30, 2022, Muğanbank OJSC had a total capital of 103 million 150 thousand manat. On December 31, 2021, the total capital of the bank was 101 million 866 thousand manat.