Baku, Azerbaijan, July 2
By Anvar Mammadov - Trend:
Losses of Azerbaijan’s banking sector totaled 5.5 million manats as of late May 2018, according to the report of Azerbaijan’s Financial Market Supervisory Authority (FIMSA).
The banking sector’s losses are gradually decreasing. Thus, in April, the banking sector losses stood at 57.1 million manats.
Income of banks for the reporting period amounted to 907.6 million manats (interest income stood at 770.9 million manats, non-interest income amounted to 206.7 million manats).
This is while banks’ expenses in Azerbaijan amounted to 655.1 million manats (interest expenses stood at 250.2 million manats and non-interest expenses amounted to 404.9 million manats).
Banks allocated another part of the funds (247.2 million manats) for the creation of reserves to cover possible losses during the issuance of loans. Other income of banks amounted to 1.4 million manats. Thus, the profit before tax of banks amounted to 6.7 million manats.
In May, banks paid 12.2 million manats as profit tax.
There are 30 banks, including two state-owned ones, in Azerbaijan.
(1.7 manats = 1 USD on July 2)
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