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Golomt bank net profit increased by 6.8 times www.lemonpress.mn
Golomt Bank made a profit of 26 billion MNT last year, while in the first half of this year it was twice as high at 57 billion MNT. Compared to the first half of the previous year, it has increased by 6.8 times.
Capital increased by MNT 133 billion: For the bank, capital adequacy ratio was 12.6% in the first half of 2021, compared to 14.4% in the first half of this year. The Bank of Mongolia requires the amount to be above 12%, and it is an important criterion for measuring the bank's risk. For them, it appears that they have increased their share capital and have sufficient equity capital to meet the above criteria. As a result, their own capital reached MNT 715 billion.
Revenues up, costs down: For the bank, all-inclusive revenues rose 18% year-on-year, while all-inclusive expenses, on the other hand, fell 4%. Breaking down the income, interest income increased by 11%, trading income by 193%, and commission income by 51%. On the cost side, the risk fund expenses decreased by 32% and interest expenses decreased by 20%, resulting in a 6.8 times increase in profit. These are related to the increase in equity capital and the decrease in interest rates on deposits.
Source alternative: Also, another observed change is the bank's source structure. On the source side, the amount of deposits decreased and other types of sources increased. Specifically, deposits decreased by MNT 77 billion from the same period last year, while current accounts increased by MNT 212 billion, funds drawn from other banking and financial institutions by MNT 371 billion, and other types of resources increased by MNT 101 billion. It seems that the era of withdrawing money through deposits has passed.
Published Date:2022-07-28
