Banks in Azerbaijan increase profit
Baku, Azerbaijan, April 5
By Azad Hasanli – Trend:
As of late February 2018, profit of banks in Azerbaijan amounted to 141.3 million manats, which is 2.8 times more than in February 2017, according to the report of the country’s Financial Market Supervisory Authority.
Azerbaijani banks completed 2017 with profit of 883.6 million manats.
Income of banks amounted to 357.7 million manats in the reporting period. The banks’ expenditure amounted to 244 million manats.
Banks received 30.8 million manats through the return of funds allocated earlier to create reserves to pay off possible losses. Other expenses of the bank reached 1 million manats.
The profit tax amounted to 4.2 million manats.
There are 30 banks, including two state-owned ones, in Azerbaijan.
(1 USD = 1.7AZN on April 5)