AccessBank disclosed its financial statements for Q1, 2024

16 April 2024
AccessBank, the local European Bank, has released its financial results for Q1, 2024 showcasing robust growth and resilience in the market. The bank continues to strengthen its position by offering reliable financial services to its customers.

Key highlights of the financial results for Q1, 2024, include:

•    Net profit of AZN 16.5 million during the reporting period, demonstrating strong performance.
•    Interest income experienced a significant surge of 24.5%, reaching AZN 53.1 million. Net interest income also increased notably by 38.9% to AZN 33.2 million. Non-interest income amounted to AZN 4.1 M.
•    Net operational profit surged by 1.9 times, reaching AZN 16.2 million, indicating robust operational performance.
•    The aggregate capital of the Bank reached AZN 155.5 million, which is three times higher than the minimum standard required by the Central Bank of Azerbaijan Republic, showcasing strong capitalization.
•    The Bank continued its strategy of ensuring financial accessibility with the total loan portfolio increasing by 17.9%  to AZN 1,035 million year-to-year (y/y).
•    The business loan portfolio witnessed significant growth, increasing by 18.9% y/y to AZN 801.6 million, primarily fueled by disbursements to the micro segment.
•    The Bank's assets increased by 9% y/y, reaching AZN 1.4 billion by the end of the reporting period, indicating overall growth and expansion.
•    The deposit portfolio of the bank increased by 2% compared to the same period last year, amounting to AZN 965.4 million.

Overall, AccessBank's financial results for Q1, 2024, demonstrate strong performance across key indicators, with notable growth in profitability, loan portfolio, assets, and deposits, reaffirming its position in the market as a reliable financial institution.

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