Muganbank OJSC announced its financial performance for 2021.
Muganbank completed 2021 with a net profit of 1,552 million manat. 2020 Bank completed with a net profit of 707 thousand manat. Thus, the net profit of Muganbank increased 2.1 times in 2021 or 845 thousand manat compared to 2020. The reason for increasing net profit is an increase in revenue.
In 2021, the total operating income of Muganbank (percentage and non-interest income) amounted to 62 million 713 thousand manat, which is 36.7% (or 16 million 855 thousand manat) more than in 2020. In 2020, Muganbank’s total operating income was 45 million 858 thousand manat.
In 2021, the overall operating expenses “Muganbank” (percentage and non-profit) amounted to 61,221,000 manat, which is 30.4% (or 14,635,000 manat) more than in 2020. In 2020, the total operating expenses “Muganbank” accounted for 48 million 78 thousand manat.
Last year, the Bank’s revenues exceeded its costs by 1.492 million manat. At the same time, due to 60 thousand manat, freed from reserves created for possible losses, profits increased to 1 million 552 thousand manat. It should be noted that in 2020 the expenses of Muganbank exceeded its income, as a result of which the operating loss amounted to 2 million 220 thousand manat. Due to 2 million 927 thousand manat released from reserves created for possible losses, an operating loss was closed and the bank’s net profit of 707 thousand manat was formed. Thus, the resumption of operating profit “Monganbank” can be noted as one of the main success of last year.
Last year, Muganbank’s interest income increased by 595 thousand manat to 28 million 297 thousand manat, and non-interest income increased by 16 million 259 thousand manat to 34 million 416 thousand manat.
Last year, Muganbank’s interest expenses increased by 8 million 324 thousand manat, up to 28 million 106 thousand manat, and irredality increased by 4 million 819 thousand manat, up to 33 million 114 thousand manat.
Unlike an increase in total operating income on 16 million 854 thousand manat, total operating expenses increased by 13 million 143 thousand manat. Exceeding income over expenses led to the “Muganbank” of operating profit.
Muganbank’s total assets increased by 19.9% or 117 million 546 thousand manat in 2021 compared with 2020 and amounted to 708 million 452 thousand manat. At the end of 2020, the general assets of the bank amounted to 590 million 906 thousand manat.
Credit portfolio “Muganbank” (loans to customers) increased by 19.4% or 65 million 115 thousand manat in 2021 compared with 2020 and amounted to 401 million 61 thousand manat. At the end of 2020, the Bank’s loan portfolio reached 335 million 946 thousand manat.