Profit of Azerbaijan's banking sector up

Finance Materials 4 March 2020 18:23 (UTC +04:00)
Profit of Azerbaijan's banking sector up

BAKU, Azerbaijan, March 4

By Eldar Janashvili – Trend:

The net profit of the Azerbaijani banking sector in January 2020 amounted to 49.4 million manat (over $29 million), which is almost 16 percent more than in January 2019, Trend reports on March 4 referring to the Azerbaijani Central Bank (CBA).

The profit was formed through the interest income in the amount of 167.5 million manat ($98.5 million) including 131.1 million manat ($77.1 million) - interest income from loans, and non-interest income - 50.1 million manat ($29.5 million).

The banks’ interest expenses amounted to 47.6 million manat ($28 million), including payment of interest on deposits - 32.6 million manat ($19.2 million) and non-interest expenses - 93.9 million manat ($55.2 million).

As a result, operating profit worth 71.4 million manat ($42 million) was formed. During the reporting period, banks also allocated 16.2 million manat ($9.5 million) to cover possible losses on assets and paid 55.1 million manat ($32.4 million) as income tax.

Thirty banks operating in Azerbaijan have 508 branches, 132 offices and 2,659 ATMs. The number of employees in the banking sector in January 2020 increased by 0.5 percent (112 people) and their total number reached 19,572 people.

(1 USD = 1.7 AZN on March 4)


Follow the author on Twitter: @eldarjanashvili