Baku, Azerbaijan, May 5
By Azad Hasanli – Trend:
The banking sector of Azerbaijan completed the 1Q17 with a net profit of 123.4 million manats, according to a report of the country’s Financial Market Supervisory Authority (FIMSA).
It should be recalled that the banks completed the January 2017 with a net cumulative loss of 496 million manats, and made a profit of 50 million manats in February 2017. In 2016, the banks’ loss amounted to 1.67 billion manats.
During the period, revenues of the banking sector on loan interest totaled 382.8 million manats, while the interest expense on deposits – stood at 100.3 percent. Net interest income of the sector amounted to 259.3 million manats at the end of the first quarter of 2017, and operating profit totaled 310.2 million manats.
Thirty-two banks operate in Azerbaijan, including two state-owned ones.
(1.7026 manats = $1 on May 5)