Capitalization of Azerbaijani banking sector increases significantly

Business Materials 5 March 2018 16:22 (UTC +04:00)

Baku, Azerbaijan, March 5

By Anvar Mammadov – Trend:

Capitalization of Azerbaijani banking sector totaled 3.8 billion manats in January 2018, which is 84.5 percent more than in the same month of 2017, according to a report of Azerbaijan’s Financial Market Supervisory Authority (FIMSA).

The report says that the country’s banks made a profit of 86.7 million manats in January 2018 as compared to the loss of 496 million manats in the same month of 2017.

As of late January 2018, revenues of Azerbaijani banks amounted to 237.3 million manats, while expenses totaled 150.6 million manats.

The interest income of banks for issued loans exceeded 91.9 million manats (130.9 million manats in January 2017), and interest expenses on deposits totaled 31.8 million manats (35.3 million manats).

Operating profit of banks amounted to 58 million manats in January 2018. Meanwhile, the Azerbaijani banks paid 1.9 million manats as income tax.

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

(1 USD = 1.7001 AZN on March 5)