Income of Azerbaijani banks grows
Baku, Azerbaijan, June 2
By Anvar Mammadov – Trend:
The banking sector of Azerbaijan completed the first four months of 2017 with a net profit of 148.1 million manats, according to a banking sector outlook of the country’s Financial Market Supervisory Authority (FIMSA).
It should be recalled that the Azerbaijani banks completed the January 2017 with a net total loss of 496 million manats, while in February 2017, they made a profit of 50 million manats, and according to the results of the 1Q17, the total net profit amounted to 123.4 million manats.
In 2016, the Azerbaijani banks’ loss totaled 1.67 billion manats.
During the period, revenues of the banking sector on loan interest amounted to 504.4 million manats, and interest expenditures on deposits totaled 131.9 million manats. Net interest income of the sector amounted to 342.6 million manats and operating profit totaled 364 million manats in late April 2017.
Thirty-one banks operate in Azerbaijan, including the two state-owned ones.
(1.7021 manats = $1 on June 2)