Profit of Azerbaijani banks increases significantly
Baku, Azerbaijan, Sept. 1
By Eldar Janashvili – Trend:
The net profit of the Azerbaijani banking sector amounted to 406.4 million manats at the end of July 2019, which is 12.5 times higher than last year's figure, Trend reports referring to data published in the report of Azerbaijan’s Financial Market Supervisory Authority (FIMSA).
The profit was formed through interest income of 1.094 billion manats (including 783.5 million manats of interest income from loans) and non-interest income by 403.2 million manats. Bank interest rates amounted to 311.2 million manats, including interest on deposits at 210 million manats and non-interest expenses at 646.8 million manats.
As a result, an operating profit of 472.4 million manats was formed. During the reporting period, banks also allocated 49.7 million manats to cover potential losses on assets, and 444.1 million manats as a profit tax. Other income amounted to 21.4 million manats.
The total number of the branches of 30 banks was 514, departments - 128, the number of ATMs – 2,582.
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