BAKU, Azerbaijan, Sept.27
By Zeyni Jafarov - Trend:
The total profit of the banking sector in Azerbaijan increased by 17.5 million manat or 4 percent from January through August 2021, compared to the same period of 2020 - from 437.7 million manat to 455.2 million manat ($257.4 million - $267.7 million), Trend reports citing the financial report of the Central Bank of Azerbaijan (CBA).
“Net interest income of banks increased on annual basis by 82.5 million manat or 9.1 percent - to 985.5 million manat or $579.7 million (903 million manat or $531million a year earlier) and was formed at the expense of interest income, of which 1.09 billion manat ($641 million) accounted for interest on loans (an increase of 8.6 percent) and related expenses in the amount of 352.7 million manat or $207.4 million (an increase of 9.4 percent),” the report said.
At the same time, the non-interest income of the banking sector, increasing by 150.4 million manat ($88.4 million), or 35.3 percent compared to the same period in 2020, reached 576.2 million manat ($338.9 million) against 425.8 million manat ($250.4 million).
As reported, non-interest expenses of banks increased by 164.3 million manat (21.8 percent) - up to 916.8 million manat or $539.3 million (752.5 million manat ($442.6 million) a year earlier).
The operating profit of Azerbaijani banks reached 644.8 million manat or $379.3 million (an increase of 12 percent over the year), and after paying taxes and unforeseen expenses related to banking, net profit amounted to 455.2 million manat ($267.7 million).
(1 USD = 1.7 AZN on Sept. 27)
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