Turan Bank ends three quarters with profit 

Azerbaijan-based Turan Bank OJSC ended the January-September period of 2021 with AZN 404,000 in profit, 3.5-fold less than a year earlier.

In the reporting period, the revenues surged 14.6% to AZN 34.522 million, expenditures soared 17.8% to AZN 33.491 million, allocations for special reserves went up 2.3-fold to AZN 627,000. The bank did not pay profit tax.

As of October 1, 2021, the assets ascended by 21.7% to AZN 671.282 million, of which AZN 403.115 million was given to customers. The loan portfolio extended by 17.9% year-on-year.

Liabilities grew by 23% to AZN 584.725 million, deposit portfolio jumped 31.8% to AZN 361.854 million, net worth increased by 13.6% to AZN 86.557 million, and authorized capital rose 14.3% to AZN 80.005 million.

Turan Bank has been in operation since 1992.