Khan Bank's net profit increased by 70.7%

• In the first half of this year, Khan Bank’s interest income increased by 15% and expenses decreased by 15.5%, resulting in a profit of MNT 224.6 billion.
• As of the first half of this year, of the 12 registered banks in Mongolia, Khan Bank has the largest number of branches, with a total of 548 branches and 1,275 ATMs, serving 2.6 million citizens. Their total assets reached 13.6 trillion MNT last quarter, which is 2.3% lower than the same period last year, but it accounts for 32.3% of the total assets of the banking sector.
• Interest income increased by 15%: Their net loan volume reached MNT 8 trillion this year, up 32% from MNT 6 trillion in the first half of last year. As a result, the loan interest income increased by 29.8% during the year and reached MNT 516 billion, which constituted 79.5% of the total interest income. Thus, their interest income, which was 564.2 billion MNT in the first half of last year, increased by 15% during the year and reached 648.7 billion MNT.
• Interest expenses decreased by 15.5%: On the other hand, their deposits decreased by 20.2% and reached MNT 6.4 trillion, and the reason cannot be ruled out because the current and demand deposit rates were zeroed during the pandemic. The decrease in the amount of deposits reduced the cost of interest paid on deposits of Khan Bank by 23.6%.
• Their net profit increased by 70.7% to MNT 224.6 billion this year, compared to MNT 131.6 billion in the first half of last year. Profit growth was not affected by changes in interest income and expenses alone, and non-interest income increased by 71.6% and reached  MNT 215.2 billion.

Source: lemonpress.mn