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Azerbaijan shares ranking of its most profitable banks for 4Q2022

Finance Materials 30 January 2023 16:09 (UTC +04:00)
Azerbaijan shares ranking of its most profitable banks for 4Q2022
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, January 30. Kapital Bank had the highest net profit among Azerbaijani banks, following the results of 2022's fourth quarter, Trend reports.

According to the bank's financial report, its net profit amounted to 308.04 million manat ($180.9 million).

The second most profitable bank was the International Bank of Azerbaijan with a total net profit of 254.38 million manat ($149.4 million).

Thus, PASHA Bank ranked third with a net profit of 149.394 million manat ($87.7 million).

The overall net profit of the first three banks made up 711.82 million manat ($418.1 million), accounting for 83.26 percent of the total net profit of the top 10 banks in Azerbaijan (854.96 million manat, $502.2 million).

Ranking of 10 most profitable banks for the fourth quarter of 2022:

Banks

Net profit of banks

1

Kapital Bank

308.04 million manat ($180.9 million)

2

International Bank of Azerbaijan

254.38 million manat ($149.4 million)

3

PASHA Bank

149.394 million manat ($87.7 million)

4

Bank of Baku

36.86 million manat ($21.65 million)

5

Xalq Bank

27.2 million manat ($15.97 million)

6

Bank Respublika

26.65 million manat ($15.65 million)

7

Access Bank

15.03 million manat ($8.8 million)

8

Nakhchivanbank

13.05 million manat ($7.66 million)

9

Express Bank

12.4 million manat ($7.28 million)

10

VTB Bank (Azerbaijan)

11.9 million manat ($6.99 million)

According to the Central Bank of Azerbaijan, the net profit of the country's banking sector totaled 914.5 million manat ($537.17 million) from January through December 2022. This figure increased by 305.5 million manat ($179.4 million) or 50.16 percent against the same period of 2021 (609 million manat, $357.7 million).

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