BAKU, Azerbaijan, June 23. The net profit of banking sector in Azerbaijan increased by 58.3 million manat ($34.3 million), or 21.34 percent in first five months 2022 compared to the same period last year (from 273.2 million manat - $160.7 million to 331.5 million manat - $195 million), Trend reports citing Central Bank of Azerbaijan (CBA).
According to CBA, net interest income of banks increased by 168 million manat ($98.8 million), or 27.9 percent (up to 769.6 million manat - $452.7 million) over the year (601.6 million manat-$353.8 million a year earlier).
Net interest income of banks was formed at expense of interest income, and 852.8 million manat ($501.6 million) of this amount fell on interest on loans (an increase of 28.24 percent compared to the same period in 2021) and related expenses in the amount of 245.1 million manat ($144.1 million, an increase of 11.82 percent).
Non-interest income of banking sector increased by 91.8 million manat ($54 million), or 27.4 percent compared from January through May 2021, up to 426 million manat ($250.5 million).
Non-interest expenses of banks increased by 167 million manat ($98.2 million) or 31.9 percent, up to 692 million manat ($407 million).
The operating profit of Azerbaijani banks reached 503.7 million manat ($296.3 million, an increase of 22.5 percent over the year).
Azerbaijani banking sector's profit before taxes amounted to 404.7 million manat ($238 million), income tax payments - 73.1 million manat ($43 million).