Housing bank on the verge of profitability

Seyed Mohsen Fazelian, a member of the Board of Directors of Maskan Bank, in describing the annual performance of Maskan Bank, informed about the growing trend and improvement of the financial situation and performance of the bank during the last 2 years.

This member of the board of directors of Maskan Bank, stating that the bank’s performance in 1399 compared to 98 was at the desired level, said: reduction of net loss from 10.5 billion rials in 1398 to 8 thousand billion rials net loss at the end of 1399, including It is a positive that shows the upward trend in the performance of the Housing Bank.

He considered various factors influencing the reduction of the bank’s losses and said: the total income of the Housing Bank in 1998 was about 125 thousand billion rials, which increased by 28 thousand billion rials during 1399 to 153 thousand billion rials at the end of 1399 and This shows that during Mr. Shayan’s management of the Housing Bank, the accumulated losses of the bank have decreased rapidly. Meanwhile, the main increase in the bank’s income in the amount of 25,000 billion rials is related to the increase in the common income in the housing sector, and the rest in the amount of 3,000 billion rials is related to the non-common income.

He also specified: According to the audited financial statements, the bank’s operating performance due to the comparison of major operating income or facility income, with major operating expenses or the same cost of interest paid on customer deposits, amounting to 18,000 billion rials increase in bank operating profit in 1399 It shows that the bank’s operating profit in 1398 was 44 thousand billion rials and this profit increased to 62 thousand billion rials in 1399 and unconventional non-operating expenses such as the cost of doubtful receivables, which are mainly related to Foreign exchange facilities paid in the years before 1398 challenge the operating profit in clearing non-operating expenses in the net profit segment.

In the final part of his remarks, Fazelian said: “It is predicted that with the process that the bank has taken, the housing bank will most likely get out of the loss-making situation and enter the profit stage in the new year.”

Housing Bank, Monetary Financial News, Profitability, Operating Income