BAKU, Azerbaijan, Dec. 30
By Zeyni Jafarov – Trend:
The total profit in the banking sector of Azerbaijan amounted to 548.1 million manat ($322.4 million) from January through November 2020, which is 4.9 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 1.24 billion manat ($730 million), having grown by 3.3 percent on an annualized basis and was formed at the expense of interest income of 1.76 billion manat ($1.04 billion).
Of these, 1.4 billion manat ($820 million) accounted for interest on loans, the volume of which is 8.7 percent more than in the same period of last year, as well as due to interest and related costs in the amount of 451.2 million manat ($265.4 million), a decrease of 9.7 percent. At the same time, expenses on interest on deposits amounted to 285.7 million manat ($168.06 million).
"Non-interest income of the banking sector made up 590.8 million manat ($347.5 million), decreasing by 7 percent compared to last year. Non-interest expenses as of late November this year equaled 1.1 billion manat ($650 million), having risen by 4.1 percent over the year," the report reads.
"Operating profit amounted to 742.3 million manat ($436.6 million), of which 48.5 million manat ($28.5 million) went to reserves. Accordingly, the profit after taxes and unforeseen expenses related to banking activities amounted to 548.1 million manat ($322.4 million)," the CBA report added.
(1 USD = 1.7 AZN on Dec.30)
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