Iran’s Melli Bank Posts 33% Rise in Profit

TEHRAN (FNA)- Assets of the Baku branch of Bank Melli Iran (BMI) stood at AZN 20.7 million on July 1, up 15% from a year earlier.

The bank’s loan portfolio rose 7.2% to AZN 7.443 million, deposit portfolio increased 34.2% to AZN 8.644 million, total capital went up 2.2% to AZN 11.121 million and authorized share capital reached AZN 10 million.

For January-June, the bank’s revenues rose 19% to AZN 1.497 million and expenditures increased 0.6% to AZN 546000. Profit rose 33.3% to AZN 952000 and net profit grew 33.2% to AZN 742000. Average salary rose 30% to AZN 460.

The BMI branch in Azerbaijan has been in operation since 1994.