Azerbaijani banks maintain profitability

Business Materials 4 August 2017 14:17 (UTC +04:00)

Baku, Azerbaijan, Aug. 4

By Azad Hasanli – Trend:

Banks of Azerbaijan completed the first half of 2017 with a profit of 84.9 million manats, says in the review of the country’s Financial Market Supervisory Authority (FIMSA), released on Friday.

Banks’ profits, within a month, have decreased by 52.4 percent. This is the fifth month that Azerbaijani banks have managed to maintain their profitability after losses worth 1.7 billion manats (results of 2016) and 496 million manats (results of January 2017).

Revenues of the country’s banking sector amounted to 1.47 billion manats in January-June 2017, including interest income totaling at almost 1.01 billion manats. The banks’ expenses amounted to 958.7 million manats. Meanwhile, the banks used additional 408.9 million manats for the creation of reserves to cover possible losses on assets.

Furthermore, Azerbaijani banks paid 17.4 million manats in taxes on profits.

Thirty-one banks (including two state-owned) operate in Azerbaijan.