Banks in Azerbaijan increase profit in October
Baku, Azerbaijan, Dec. 11
By Anvar Mammadov – Trend:
As of early November, 2017, profit of banks in Azerbaijan amounted to 549.6 million manats, which is by 14.6 percent more than as of early October 2017, according to the report of the country’s Financial Market Supervisory Authority.
Azerbaijani banks completed 2016 with a loss of nearly 1.7 billion manats.
Income of banks amounted to 2.41 billion manats in January-October 2017. The banks’ expenditure amounted to 1.53 billion manats.
The operating profit of banks amounted to 880.9 million manats, while the expenditure on creation of reserves to pay off possible losses amounted to 309.6 million manats. Other expenses of the bank reached 3.4 million manats. The profit tax amounted to 25.1 million manats.
There are 31 banks, including two state-owned ones, in Azerbaijan.