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Azerbaijan's banking sector ended 2020 with profit

Finance Materials 28 January 2021 17:09
Azerbaijan's banking sector ended 2020 with profit

BAKU, Azerbaijan, Jan. 28

By Zeyni Jafarov – Trend:

The total profit in the Azerbaijani banking sector amounted to 567.8 million manat ($334 million) in 2020, which is by 5.75 percent more than in 2019, Trend reports citing the financial report of the Central Bank of Azerbaijan (CBA).

In accordance with the CBA report, the banks' net interest income amounted to 1.4 billion manat ($823 million), which shows an increase of 2.8 percent on an annualized basis.

It was formed through interest income worth 1.9 billion manat ($1.1 billion), of which 1.5 billion manat ($882 million) accounted for interest on loans, the volume of which is by 6.9 percent more than in the same period of 2019, as well as through interest costs and expenses related to them, in the amount of 492.5 million manat that’s $289.7 million (a decrease of 10.1 percent).

At the same time, expenses on interest on deposits amounted to 312.9 million manat ($184.05 million).

Non-interest income of the banking sector amounted to 672.1 million manat ($395.3 million), decreasing by 7.1 percent compared to early 2020. Non-interest expenses as of early January 2021 amounted to 1.2 billion manat ($705 million), an increase of 2.6 percent for the year.

Operating profit amounted to 803.7 million manat ($472.8 million), of which 71 million manat ($41.8 million) accounted for reserves. Accordingly, profit after paying taxes and unforeseen expenses associated with banking activity amounted to 567.8 million manat ($334 million).

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