Profits of Azerbaijani banks increase significantly

Business Materials 5 February 2018 14:26 (UTC +04:00)

Baku, Azerbaijan, Feb. 5

By Azad Hasanli – Trend:

Azerbaijan’s banking sector completed 2017 with net profit of 883.6 million manats, the Financial Market Supervisory Authority (FIMSA) said in a report.

The 2017 was more successful for the banking sector in terms of profitability and 2016 was unprofitable for banks – the cumulative losses of the sector amounted to almost 1.7 billion manats, FIMSA said.

Last year, the revenues of banks totaled 2.7 billion manats, expenditures – 1.8 billion manats, said the report.

The interest income of banks for issued loans exceeded 1.28 billion manats (1.7 billion manats in 2016), interest expenses on deposits – 373.4 million manats (461.8 million manats).

Operating profit of banks amounted to 908.2 million manats in the period. Banks also paid 55.2 million manats as a profit tax.

Thirty banks operate in Azerbaijan, including two state-owned ones.

(1 USD = 1.7001 AZN on Feb. 5)