Mongolia’s leading bank, Khan Bank, valued at over 2.08 trillion MNT (600.3 million USD), has reported a notable 20.6 percent growth in net profit. In the third quarter of this year, Khan Bank achieved a net profit of 424 billion MNT, up from 351.8 billion MNT during the same period last year.
Key highlights of the bank’s performance include a 15.8 percent increase in net loans granted compared to the previous year, and a significant 22 percent growth in total assets. The main driver behind Khan Bank’s robust financials was a 48.5 percent rise in interest income, primarily attributed to increased revenue from securities.
In compliance with Mongolia’s banking laws, Khan Bank went public in May of this year, offering 10 percent of its total shares and successfully raising around 184 billion MNT. It’s worth noting that Khan Bank is one of Mongolia’s five systemically important banks that went public as part of the country’s banking reform. Among these banks, Khan Bank is the only one whose share price has risen by more than 10 percent above the initial public offering level, according to data available on the Mongolian Stock Exchange website.