Azerbaijani banks increase profit 2.5 times in July
Baku, Azerbaijan, Sept. 9
By Azad Hasanli – Trend:
The profit of Azerbaijani banks in July 2017 amounted to 216.8 million manats, according to the report of the country’s Financial Market Supervisory Authority.
Azerbaijani banks completed the year 2016 with a loss of 1.7 billion manats. Since the beginning of the year, banks have gradually increased their profitability. Thus, the profit of banks grew 2.5 times in July 2017 as compared to June 2017.
Income of banks in the reporting period amounted to 1.64 billion manats, and the income on loans amounted to 845.5 million manats. The banks’ expenditures amounted to 1.1 billion manats, and expenditures on payments of interest on loans totaled 222.1 million manats.
The operating profit of banks amounted to 530.4 million manats, and the expenditures for creation of reserves to pay off possible losses on assets amounted to 297.3 million manats. The profit tax in the reporting period amounted to 19.3 million manats.
There are 31 banks, including two state-owned ones, in Azerbaijan.