Azerbaijani banks' net profit more than doubled in a year

Baku, Azerbaijan, Dec.12

By Emin Aliyev - Trend:

The Azerbaijani Central Bank (CBA) stressed exceeding the total profit of profitable banks over the total loss of unprofitable banks by 22.1 times as of January-October 2013, the Azerbaijani Central Bank's statistics report said.

The total profit of around 38 banks hit 299.29 million manat, and losses of 5 banks amounted to 13.54 million manat. This allowed the banking system to earn about 285.75 million manat of net profit.

The number of profitable banks increased by 3, while the total profit of the sector increased by 35.48 percent compared to the same period of 2012. The number of unprofitable banks decreased from eight to five and the total loss decreased by 6.7 times.

The number of profitable banks remained at the same level, while the total profit of the sector increased by 14.98 percent compared to the previous month of 2013. The number of unprofitable banks also remained at the same level and the total loss decreased by 0.6 percent.

The maximum profit of the banking system was registered in the mentioned period - at the level of 299.29 million manat. Thus, the record at the level of 269.57 million manat registered in 2009 was broken. But as distinct from the data of the reported period, this profit was earned by some 39 banks in 2009.

The maximum net profit of the banking system was registered as of October 2013 - at the level of 285.75 million manat. The biggest net profit amount was earned by banks in 2009 in the amount of 252.98 million manat.

Financial results of the banks' activity (after paying taxes) in million manat:

The official exchange rate on Dec.12 is 0.7843 AZN/USD.

Translated by L.Z.

Edited by C.N.