Bank of Iran branch in Baku sharply increases its income

The Baku branch of the National Bank of Iran for the first 3 months of this year received a net profit of 621,285 manats.
Yeniavaz.com reports that compared to the same period last year, the net profit of the branch of the National Bank of Iran in Baku increased 2.3 times. Thus, in the first quarter of 2022, the net profit of the Baku branch of the National Bank of Iran amounted to 269,000 manats.
For information, in the first quarter of this year, the interest income of the Iranian bank amounted to 797,835 manats. It is reported that the bank earned 113,000 manats from operations with foreign currency.
In the first quarter of this year, the assets of the branch of the National Bank of Iran in Baku amounted to 102 million 353 thousand manats and increased by 5.7 million manats compared to the same period last year.
It should be noted that after the armed attack on the Azerbaijani embassy in Tehran in January this year, relations between the two countries deteriorated sharply. Claims were also made that Iran was behind the assassination attempt on MP Fazil Mustafa on 28 March.
Against the backdrop of deteriorating relations between the two countries, it is noteworthy that the Baku branch of the National Bank of Iran has sharply increased its profits.

Elnur Ali