Net profit of Azerbaijani banks slightly drops
BAKU, Azerbaijan, Sept.27
By Zeyni Jafarov - Trend:
Net profit of the banking sector of Azerbaijan totaled 437.7 million manat ($257.7 million) in the past eight months of 2020, which is 5.3 percent less compared to the same period of 2019, Trend reports citing the Central Bank of Azerbaijan (CBA).
At the same time, operating income of the country’s banks for the reporting period amounted to 1.7 billion manat ($1 billion), which is 1.55 percent less compared to the same period of last year.
Operating expenses made up 1.07 billion manat ($629.4 million), showing a decline of 2.35 percent over the year.
According to the CBA, deductions to special reserves were estimated at 74.2 million manat ($43.6 million), which is 41.2 percent less compared to the same period in 2019. Income tax payments amounted to 106.9 million manat ($62.8 million).
Total capitalization of the Azerbaijani banks as of August 31, 2020 amounted to 4.7 billion manat ($2.76 billion), increasing by 2.9 percent year on year.
(1 USD = 1.7 manat on Sept.26)