BAKU, Azerbaijan, May 24. The net profit of the banking sector in Azerbaijan increased by 53.4 million manat ($31.4 million), or 27.4 percent from January through April 2022 compared to the same period last year - from 194.7 million manat ($114.5 million) to 248.1 million manat ($145.9 million), Trend reports referring to Central Bank of Azerbaijan Republic (CBAR).
According to CBAR, during this period, the net interest income of banks increased over the year by 133 million manat ($78.2 million), or 27.9 percent - up to 609.2 million manat ($358.3 million). The net interest income of banks was 476.2 million manat ($80.1 million) a year earlier.
The net interest income of banks was formed at the expense of interest income, of which 674.3 million manat ($396.6 million) had to interest on loans (an increase of 27.7 percent compared to the same period in 2021) and related expenses in the amount of 192.9 million manat ($113.4 million, an increase of 10.99 percent).
The volume of non-interest income in the banking sector was 327.3 million manat ($192.5 million). Non-interest income of the banking sector increased by 91 million manat ($53.5 million) or 38.5 percent from January through April 2022 compared to 4M2021. Non-interest expenses of banks increased by 136 million manat ($80 million) or 33.1 percent - up to 546.9 million manat ($321.7 million).
The operating profit of Azerbaijani banks reached 389.6 million manat ($229.1 million, an increase of 29.1 percent over the year).
The banking sector's profit before taxes amounted to 305.2 million manat ($179.5 million), and income tax payments - were 57.1 million manat ($33.5 million).