BAKU, Azerbaijan, March 29
By Zeyni Jafarov - Trend:
As of late February 2021, the total profit in the Azerbaijani banking sector amounted to 73.1 million manat ($43 million), which is by 25.3 percent less than in the same period of 2020, Trend reports on March 29 citing the Central Bank of Azerbaijan's (CBA) statistics bulletin.
In accordance with the CBA’s report, the banks' net interest income amounted to 227.2 million manat that’s $133.6 million (a decline of 1.3 percent on an annualized basis) and was formed through interest income worth 324.9 million manat ($191.1 million), of which 259.3 million manat ($152.5 million) accounted for interest on loans (1.9 percent less than in the same period of 2020), as well as interest and related expenses in the amount of 85.7 million manat that’s $50.4 million (a decrease of 7.3 percent).
At the same time, expenses on interest on deposits amounted to 54.5 million manat ($32.05 million).
The non-interest income of the banking sector in February 2021 amounted to 104.8 million manat ($61.6 million), decreasing by 4.6 percent compared to February 2020. The non-interest expenses amounted to 195 million manat ($114.7 million), increasing by 0.6 percent for the year.
Operating profit reached 137 million manat ($80.6 million), of which 47.7 million manat ($28.05 million) accounted for the reserves. Accordingly, profit after paying taxes and unforeseen expenses related to the banking activity amounted to 73.1 million manat ($43 million).
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