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Azerbaijani banks significantly increase profit in 2Q18

Business Materials 27 July 2018 18:48 (UTC +04:00)

Baku, Azerbaijan, July 27

By Azad Hasanli – Trend:

The net profit of the banking sector of Azerbaijan amounted to 36.3 million manats in 2Q2018, says a report of the Financial Market Supervisory Authority.

Banks finished 1Q2018 with a loss of 55.9 million manats.

The interest income of banks amounted to 843.3 million manats in June this year; in particular the interest on loans amounted to 584.3 million manats, the report says. Both figures doubled over the quarter.

Non-interest income of banks increased by almost 2.2 times, reaching 249.5 million manats.

Banks also increased their spending. Non-interest and interest expenses almost doubled to 485.1 million and 299 million manats, respectively. Interest expense on deposits also doubled from 95.1 million to 189.8 million manats.

Operating profit increased from 147.9 million to 308.6 million manats over the quarter. The reserves in the amount of 258.4 million manats were created during the period in order to cover possible losses.

The banking sector paid a total of 15 million manats of taxes on profits – a twofold growth over the quarter.

Some 30 banks are functioning in Azerbaijan currently.

(1.7 AZN = 1 USD on July 27)

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Follow the author on Twitter: @AzadHasanli

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