BAKU, Azerbaijan, September 27. The net profit of the banking sector in Azerbaijan grew from January through August 2022, Trend reports via the Central Bank of Azerbaijan (CBA).
According to CBA, this figure amounted to 589.4 million manat ($346.7 million), up by 134.2 million manat ($78.9 million), or 29.48 percent compared to the first eight months of 2021 (455.2 million manat or $267.7 million).
From January through August this year, the net interest profit of the banking sector increased by 285.4 million manat ($167.8 million), or 28.96 percent (up to 1.27 billion manat or $750 million) over the year (985.5 million manat or $579.7 million a year earlier).
The sector’s net interest income in the reporting period equaled 762.3 million manat or $448.4 million, thus increasing by 186.1 million manat ($109.4 million) or 32.3 percent on annual basis.
Meanwhile, total non-interest expenses of the banks grew by 266.5 million manat ($156.7 million), or 29.07 percent compared to 8M2021, up to 1.18 billion manat ($690 million).
At the same time, the operating profit of Azerbaijani banks reached 849.9 million manat ($499.9 million, an increase of 31.81 percent over the year).
Azerbaijani banking sector's profit before taxes amounted to 725.2 million manat ($426.6 million), and income tax payments – 135.8 million manat ($79.8 million), added to the CBA.