BAKU, Azerbaijan, Dec. 5
By Zeyni Jafarov – Trend:
The total profit in the banking sector of Azerbaijan amounted to 478 million manat ($281.1million) from January through October 2020, which is 16.6 percent less compared to the same period of 2019, Trend reports citing the financial report of the Central Bank of Azerbaijan (CBA).
According to the CBA report, net interest income amounted to 1.13 billion manat ($664.7 million), having increased by 3.5 percent on an annualized basis and was formed at the expense of interest income of 1.6 billion manat ($941.1 million).
Of these, 1.26 billion manat ($741.1 million) accounted for interest on loans, the volume of which is 9.3 percent more than in the same period last year, as well as due to interest costs in the amount of 408.2 million manat ($240.1 million), a decrease of 10.1 percent. At the same time, expenses on interest on deposits amounted to 258.3 million manat ($151.9 million).
"Non-interest income of the banking sector amounted to 538.6 million manat ($316.8 million), decreasing by 6.5 percent compared to last year. Non-interest expenses at the end of October this year amounted to 1 billion manat ($588.2 million), having decreased by 6.3 percent over the year," the report reads.
"Operating profit amounted to 665.6 million manat ($391.5 million), of which 53.3 million manat ($31.3 million) went to reserves. Accordingly, the profit after taxes and unforeseen expenses related to banking activities amounted to 478 million manat ($281.1 million)," the CBA report added.