BAKU, Azerbaijan, Aug. 27
By Zeyni Jafarov - Trend:
The total profit in the Azerbaijani banking sector has slightly declined in the first seven months of 2021, Trend reports on Aug.27 referring to the financial report of the Central Bank of Azerbaijan (CBA).
According to the CBA, this indicator amounted to 408.9 million manat ($240.5 million), which is 4.5 percent less than from January to July 2020.
The banks' net interest income reached 858.2 million manat ($504.8 million, an increase of 8.5 percent on annual basis) and was formed through the interest income.
Some 948.4 million manat ($557.8 million) of the interest income accounted for interest on loans (growth of 7.6 percent year on year) and related expenses in the amount of 307.1 million manat ($180.6 million, an increase of nine percent).
At the same time, expenses on interest on deposits amounted to 201.6 million manat ($118.6 million).
The non-interest income of the banking sector from January to July 2021 amounted to 487.9 million manat ($287 million), rising by 30.7 percent compared to the same period of 2020.
Meanwhile, the non-interest expenses amounted to 771.5 million manat ($453.8 million), growing by 17.4 percent for the year.
The operating profit reached 574.7 million manat ($338 million).
Accordingly, the profit after taxes and unforeseen expenses related to the banking activity amounted to 408.9 million manat ($240.5 million).
(1 USD = 1.7 AZN on Aug.27)
---
Follow the author on Twitter: @jafarov_zeyni