Eurasian Development Bank (EDB) experienced a strong increase in income last year compared to 2015.
The bank published a press release on its website regarding its 2016 financial statements. Last year, the bank’s net income was $163.5 million, compared to a net loss of $143.6 million in 2015.
The bank experienced a major decrease in interest expenses -— from $133.1 million in 2015 down to $84.3 million in 2016. Interest income on assets available for sale also rose from $4.9 million in 2015 to $18.5 million in 2016.
EDB also had a net non-interest income of $30.2 million last year due to increased return on transactions in the bank’s treasury portfolio. In 2015, the number was negative due to a $64.3 million provision for impairment losses on assets. Budget discipline has helped the bank tighten up its expenses.