BAKU, Azerbaijan, July 27. The net profit of banking sector in Azerbaijan grew from January through June 2022, Trend reports via Central Bank of Azerbaijan (CBA).
According to CBA, this figure amounted to 400.8 million manat ($235.7 million), up by 34.5 million manat ($20.3 million), or 9.42 percent compared to the first six months of last year (366.3 million manat or $215.4 million).
In the first half of 2022, net interest profit of the banking sector increased by 209.2 million manat ($123 million), or 28.63 percent (up to 939.9 million manat - $552.8 million) over the year (730.7 million manat or $429.8 million a year earlier).
The sector’s net interest income in the reporting period equaled 533.9 million manat or $314 million, thus increasing by 115 million manat ($67.6 million) or 27.45 percent on annual basis.
Meanwhile, total non-interest expenses of the banks grew by 210.6 million manat ($123.8 million), or 32.54 percent compared to 1H2021, up to 857.8 million manat ($504.6 million).
At the same time, the operating profit of Azerbaijani banks reached 616 million manat ($362.3 million, an increase of 22.61 percent over the year).
Azerbaijani banking sector's profit before taxes amounted to 489.1 million manat ($287.7 million), and income tax payments – 88.3 million manat ($51.9 million), added CBA.